Informed Momentum Co LLC Purchases Shares of 148,151 OPENLANE, Inc. (NYSE:KAR)

Key Points

• Informed Momentum Co LLC acquired 148,151 shares of OPENLANE, Inc. during the first quarter, valued at approximately $2.86 million, representing about 0.14% of the company as of its latest SEC filing.
• Major institutional investors have significantly increased their holdings in OPENLANE, with JPMorgan Chase & Co. raising its position by 119.4% in the last quarter, now owning 306,038 shares worth $6.07 million.
• Analysts have raised their price targets for OPENLANE shares, with Barrington Research increasing its target from $25 to $30 and a consensus target price of $26.50, indicating a positive outlook for the stock.

Informed Momentum Co LLC purchased a new stake in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 148,151 shares of the specialty retailer's stock, valued at approximately $2,856,000. Informed Momentum Co LLC owned about 0.14% of OPENLANE as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Principal Financial Group Inc. grew its position in shares of OPENLANE by 2.7% during the first quarter. Principal Financial Group Inc. now owns 531,985 shares of the specialty retailer's stock worth $10,257,000 after purchasing an additional 13,817 shares in the last quarter. GSA Capital Partners LLP bought a new stake in OPENLANE during the 1st quarter valued at $1,331,000. Neo Ivy Capital Management bought a new stake in OPENLANE during the 1st quarter valued at $936,000. Mackenzie Financial Corp bought a new stake in OPENLANE during the 1st quarter valued at $1,242,000. Finally, Cerity Partners LLC bought a new stake in OPENLANE during the 1st quarter valued at $531,000. Hedge funds and other institutional investors own 99.76% of the company's stock.

Insiders Place Their Bets

In related news, EVP Charles S. Coleman sold 59,289 shares of OPENLANE 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 completion of the transaction, the executive vice president directly owned 53,474 shares in the company, valued at approximately $1,495,667.78. This trade represents a 52.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP James P. Coyle sold 194,575 shares of OPENLANE stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $27.94, for a total value of $5,436,425.50. Following the completion of the transaction, the executive vice president owned 36,851 shares of the company's stock, valued at approximately $1,029,616.94. This trade represents a 84.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.51% of the company's stock.

OPENLANE Trading Down 0.1%

KAR stock traded down $0.03 during midday trading on Friday, hitting $28.31. 1,000,420 shares of the company's stock were exchanged, compared to its average volume of 847,728. The business has a 50-day simple moving average of $24.87 and a two-hundred day simple moving average of $22.03. The stock has a market capitalization of $3.01 billion, a PE ratio of 38.26, a P/E/G ratio of 2.76 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 released its quarterly earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 EPS for the quarter, topping the consensus estimate of $0.24 by $0.09. OPENLANE had a return on equity of 11.65% and a net margin of 8.18%. The business had revenue of $481.70 million during the quarter, compared to analyst estimates of $453.26 million. During the same period last year, the business posted $0.19 earnings per share. The company's quarterly revenue was up 11.6% on a year-over-year basis. As a group, research analysts expect that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Analyst Ratings Changes

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

OPENLANE 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.