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 stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $27.97, for a total transaction of $1,658,313.33. Following the completion of the sale, the executive vice president owned 53,474 shares in the company, valued at $1,495,667.78. This represents a 52.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

OPENLANE Trading Up 0.6%

Shares of KAR traded up $0.18 during midday trading on Wednesday, reaching $28.82. The stock had a trading volume of 138,349 shares, compared to its average volume of 841,690. The company has a market capitalization of $3.06 billion, a price-to-earnings ratio of 38.87, a price-to-earnings-growth ratio of 2.71 and a beta of 1.40. The company's 50-day moving average is $24.67 and its 200 day moving average is $21.93. OPENLANE, Inc. has a 12-month low of $15.44 and a 12-month high of $29.13.

OPENLANE (NYSE:KAR - Get Free Report) last issued its earnings results 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 business had revenue of $481.70 million during the quarter, compared to analyst estimates of $453.26 million. OPENLANE had a return on equity of 11.65% and a net margin of 8.18%. OPENLANE's revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.19 earnings per share. Research analysts forecast that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Analysts Set New Price Targets

KAR has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upped their target price on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Wall Street Zen upgraded shares of OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Bank of America raised their target price on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Finally, Barrington Research boosted their price target on shares of OPENLANE from $25.00 to $30.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $26.50.

Hedge Funds Weigh In On OPENLANE

Several institutional investors and hedge funds have recently made changes to their positions in KAR. North Star Investment Management Corp. lifted its stake in OPENLANE by 77.6% in the second quarter. North Star Investment Management Corp. now owns 1,575 shares of the specialty retailer's stock worth $39,000 after purchasing an additional 688 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of OPENLANE in the fourth quarter worth about $34,000. Quarry LP increased its holdings in shares of OPENLANE by 414.6% in the fourth quarter. Quarry LP now owns 2,182 shares of the specialty retailer's stock worth $43,000 after buying an additional 1,758 shares during the period. FSC Wealth Advisors LLC bought a new stake in shares of OPENLANE in the 1st quarter valued at about $51,000. Finally, Smartleaf Asset Management LLC boosted its holdings in OPENLANE by 29.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 3,270 shares of the specialty retailer's stock valued at $63,000 after acquiring an additional 735 shares during the period. Institutional investors own 99.76% of the company's stock.

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.