Charles S. Coleman Sells 59,289 Shares of OPENLANE, Inc. (NYSE:KAR) Stock

Key Points

• Charles S. Coleman, EVP of OPENLANE, Inc., sold 59,289 shares at an average price of $27.97, amounting to a total of $1,658,313.33, resulting in a 52.58% decrease in his ownership position.
• The company reported earnings of $0.33 per share for the last quarter, surpassing analyst expectations of $0.24, with a revenue of $481.70 million—up 11.6% year-over-year.
• 99.76% of OPENLANE's stock is held by institutional investors, with significant recent increases from firms like Burgundy Asset Management and Hawk Ridge Capital Management.

OPENLANE, Inc. (NYSE:KAR - Get Free Report) EVP Charles S. Coleman sold 59,289 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $27.97, for a total value of $1,658,313.33. Following the sale, the executive vice president directly owned 53,474 shares in the company, valued at $1,495,667.78. The trade was a 52.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

OPENLANE Trading Down 0.1%

KAR stock traded down $0.02 during mid-day trading on Friday, hitting $27.98. 1,037,018 shares of the company were exchanged, compared to its average volume of 998,023. The business has a 50 day simple moving average of $24.46 and a 200-day simple moving average of $21.81. The stock has a market capitalization of $2.97 billion, a PE ratio of 37.81, a price-to-earnings-growth ratio of 2.98 and a beta of 1.40. OPENLANE, Inc. has a 1-year low of $15.44 and a 1-year high of $29.13.

OPENLANE (NYSE:KAR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.09. The firm had revenue of $481.70 million during the quarter, compared to the consensus estimate of $453.26 million. OPENLANE had a net margin of 8.18% and a return on equity of 11.65%. The business's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the business posted $0.19 earnings per share. Equities research analysts expect that OPENLANE, Inc. will post 0.95 earnings per share for the current year.

Institutional Investors Weigh In On OPENLANE

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Burgundy Asset Management Ltd. raised its position in shares of OPENLANE by 7.0% in the first quarter. Burgundy Asset Management Ltd. now owns 9,925,661 shares of the specialty retailer's stock valued at $191,367,000 after buying an additional 647,164 shares in the last quarter. Hawk Ridge Capital Management LP raised its position in shares of OPENLANE by 11.2% in the first quarter. Hawk Ridge Capital Management LP now owns 4,577,285 shares of the specialty retailer's stock valued at $88,250,000 after buying an additional 461,976 shares in the last quarter. Brown Advisory Inc. raised its position in OPENLANE by 14.6% during the first quarter. Brown Advisory Inc. now owns 2,538,477 shares of the specialty retailer's stock valued at $48,942,000 after purchasing an additional 323,696 shares in the last quarter. Geode Capital Management LLC raised its position in OPENLANE by 0.4% during the second quarter. Geode Capital Management LLC now owns 2,516,983 shares of the specialty retailer's stock valued at $61,548,000 after purchasing an additional 9,216 shares in the last quarter. Finally, Northern Trust Corp raised its position in OPENLANE by 16.0% during the first quarter. Northern Trust Corp now owns 1,586,179 shares of the specialty retailer's stock valued at $30,582,000 after purchasing an additional 219,261 shares in the last quarter. 99.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

KAR has been the topic of several research analyst reports. Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Bank of America raised their price objective on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Barrington Research increased their target price on OPENLANE from $25.00 to $30.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, JPMorgan Chase & Co. increased their target price on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, OPENLANE presently has a consensus rating of "Moderate Buy" and an average price target of $26.50.

OPENLANE Company Profile

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.

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