Informed Momentum Co LLC Acquires New Holdings in 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 bought a new stake in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 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 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Nisa Investment Advisors LLC lifted its stake in OPENLANE by 19.8% during the first quarter. Nisa Investment Advisors LLC now owns 3,575 shares of the specialty retailer's stock valued at $69,000 after purchasing an additional 590 shares during the last quarter. Kathmere Capital Management LLC lifted its position in OPENLANE by 2.6% in the 1st quarter. Kathmere Capital Management LLC now owns 39,400 shares of the specialty retailer's stock worth $760,000 after buying an additional 1,000 shares in the last quarter. CWM LLC lifted its position in OPENLANE by 34.5% in the 1st quarter. CWM LLC now owns 4,198 shares of the specialty retailer's stock worth $81,000 after buying an additional 1,077 shares in the last quarter. Bank of Montreal Can lifted its position in OPENLANE by 9.6% in the 4th quarter. Bank of Montreal Can now owns 13,268 shares of the specialty retailer's stock worth $263,000 after buying an additional 1,161 shares in the last quarter. Finally, Two Sigma Investments LP lifted its position in OPENLANE by 1.1% in the 4th quarter. Two Sigma Investments LP now owns 126,451 shares of the specialty retailer's stock worth $2,509,000 after buying an additional 1,339 shares in the last quarter. 99.76% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

OPENLANE Stock Performance

Shares of NYSE:KAR traded down $0.03 during midday trading on Friday, reaching $28.31. 1,000,420 shares of the company's stock were exchanged, compared to its average volume of 973,969. The company's 50 day simple moving average is $24.96 and its two-hundred day simple moving average is $22.08. The firm has a market capitalization of $3.01 billion, a PE ratio of 38.26, a price-to-earnings-growth ratio of 2.71 and a beta of 1.40. 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 announced its quarterly earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.09. OPENLANE had a net margin of 8.18% and a return on equity of 11.65%. The firm had revenue of $481.70 million during the quarter, compared to the consensus estimate of $453.26 million. During the same period last year, the firm posted $0.19 EPS. The firm's quarterly revenue was up 11.6% on a year-over-year basis. On average, research analysts anticipate that OPENLANE, Inc. will post 0.95 earnings per share for the current year.

Insider Activity

In other news, EVP Charles S. Coleman sold 59,289 shares of OPENLANE stock in a transaction that occurred on Thursday, August 7th. The shares were 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. The trade was a 52.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP James P. Coyle sold 194,575 shares of OPENLANE stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $27.94, for a total transaction of $5,436,425.50. Following the sale, the executive vice president owned 36,851 shares of the company's stock, valued at approximately $1,029,616.94. This represents a 84.08% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.51% 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.