Bank of America Corp DE Purchases Shares of 565,379 Openlane $OPLN

Key Points

• Bank of America acquired 565,379 Openlane shares worth approximately $23.3 million, giving it a 0.46% stake. Institutional investors collectively own 99.76% of the company.
• Openlane reported quarterly EPS of $0.40, exceeding estimates of $0.35, while revenue rose 15.1% year over year to $554.6 million. The company guided to fiscal 2026 EPS of $1.40–$1.50.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $43.83 versus the stock’s reported price of $34.21. CEO Peter Kelly also purchased approximately $500,000 of shares.

Bank of America Corp DE purchased a new stake in Openlane (NYSE:OPLN - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 565,379 shares of the company's stock, valued at approximately $23,316,000. Bank of America Corp DE owned about 0.46% of Openlane at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of OPLN. Allworth Financial LP purchased a new position in Openlane in the 4th quarter valued at about $38,000. Nomura Asset Management Co. Ltd. purchased a new stake in shares of Openlane during the fourth quarter worth about $39,000. Versant Capital Management Inc raised its position in shares of Openlane by 94.2% in the second quarter. Versant Capital Management Inc now owns 979 shares of the company's stock valued at $40,000 after buying an additional 475 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new position in shares of Openlane in the fourth quarter valued at approximately $42,000. Finally, Rockefeller Capital Management L.P. purchased a new position in shares of Openlane during the fourth quarter valued at approximately $72,000. 99.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Stephens reaffirmed an "overweight" rating and issued a $42.00 target price on shares of Openlane in a research note on Thursday, June 11th. Zacks Research lowered Openlane from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 7th. Northcoast Research set a $50.00 price objective on Openlane in a report on Wednesday, August 5th. Barclays raised their price objective on Openlane from $46.00 to $49.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Finally, Bank of America upped their target price on Openlane from $37.00 to $44.00 and gave the company a "neutral" rating in a research note on Thursday, July 9th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $43.83.

Openlane Price Performance

OPLN opened at $34.21 on Thursday. The company has a 50 day moving average of $36.49 and a two-hundred day moving average of $35.01. Openlane has a 52-week low of $24.32 and a 52-week high of $42.90. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.34. The company has a market cap of $4.20 billion, a P/E ratio of -40.25, a P/E/G ratio of 2.13 and a beta of 1.26.

Openlane (NYSE:OPLN - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.35 by $0.05. The firm had revenue of $554.60 million for the quarter. Openlane had a return on equity of 12.81% and a net margin of 9.67%.Openlane's revenue was up 15.1% on a year-over-year basis. Openlane has set its FY 2026 guidance at 1.400-1.500 EPS. On average, analysts expect that Openlane will post 1.45 earnings per share for the current year.

Insider Activity

In other news, CEO Peter Kelly acquired 14,830 shares of the company's stock in a transaction dated Monday, August 24th. The shares were bought at an average price of $33.72 per share, for a total transaction of $500,067.60. Following the completion of the purchase, the chief executive officer directly owned 14,830 shares of the company's stock, valued at approximately $500,067.60. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.22% of the stock is owned by corporate insiders.

About Openlane

OPENLANE, Inc operates a digital wholesale marketplace for used vehicles, connecting automobile dealers, manufacturers, fleet operators, rental companies and other commercial sellers with buyers. The company facilitates vehicle auctions and sales through online platforms and physical auction locations, helping customers source, sell and manage wholesale vehicles.

Its services include online and in-person auctions, vehicle inspections, condition reporting, transportation, title and registration support, reconditioning, and other transaction-related services.

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