Cadian Capital Management LP Decreases Stock Holdings in OPENLANE, Inc. (NYSE:KAR)

Cadian Capital Management LP cut its stake in OPENLANE, Inc. (NYSE:KAR - Free Report) by 22.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,902,194 shares of the specialty retailer's stock after selling 544,043 shares during the quarter. OPENLANE comprises about 2.2% of Cadian Capital Management LP's portfolio, making the stock its 17th biggest position. Cadian Capital Management LP owned approximately 1.78% of OPENLANE worth $37,740,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Canada Pension Plan Investment Board purchased a new stake in OPENLANE during the 4th quarter worth approximately $34,000. Quarry LP grew its holdings in shares of OPENLANE by 414.6% during the fourth quarter. Quarry LP now owns 2,182 shares of the specialty retailer's stock valued at $43,000 after buying an additional 1,758 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of OPENLANE by 435.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer's stock valued at $51,000 after buying an additional 2,062 shares during the last quarter. Johnson Financial Group Inc. acquired a new position in shares of OPENLANE in the 4th quarter valued at $68,000. Finally, KBC Group NV raised its stake in OPENLANE by 51.1% in the 4th quarter. KBC Group NV now owns 5,314 shares of the specialty retailer's stock worth $105,000 after acquiring an additional 1,798 shares during the last quarter. 99.76% of the stock is owned by institutional investors.

OPENLANE Price Performance

KAR stock traded down $0.14 during trading on Wednesday, hitting $19.20. 1,623,449 shares of the company traded hands, compared to its average volume of 716,283. OPENLANE, Inc. has a 1 year low of $15.44 and a 1 year high of $22.47. The company has a market cap of $2.06 billion, a PE ratio of 36.23, a P/E/G ratio of 1.85 and a beta of 1.32. The stock's 50-day simple moving average is $19.55 and its 200 day simple moving average is $19.71.

OPENLANE (NYSE:KAR - Get Free Report) last posted its earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.07. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. During the same quarter last year, the business posted $0.19 earnings per share. The business's revenue was up 7.0% compared to the same quarter last year. Research analysts expect that OPENLANE, Inc. will post 0.95 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on KAR. StockNews.com lowered OPENLANE from a "buy" rating to a "hold" rating in a report on Friday, March 28th. JPMorgan Chase & Co. lowered shares of OPENLANE from an "overweight" rating to a "neutral" rating and reduced their price target for the stock from $23.00 to $20.00 in a research report on Thursday, March 27th. Barrington Research reaffirmed an "outperform" rating and issued a $25.00 price objective on shares of OPENLANE in a report on Friday, February 21st. Finally, Stephens upgraded shares of OPENLANE from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $20.00 to $26.00 in a research note on Friday, February 28th.

About OPENLANE

OPENLANE, Inc, together with its subsidiaries, operates as a digital marketplace for used vehicles, which connects sellers and buyers in North America, Europe, the Philippines, and Uruguay. The company operates through two segments, Marketplace and Finance. The Marketplace segment offers digital marketplace services for buying and selling used vehicles.