Bank of New York Mellon Corp Makes New Investment in Openlane $OPLN

Key Points

• Bank of New York Mellon purchased 792,138 Openlane shares worth approximately $32.7 million, giving it a 0.75% stake. Institutional investors collectively own 99.76% of the company.
• Analysts maintain a generally positive outlook, with Openlane holding a “Moderate Buy” consensus rating and an average price target of $43.83, compared with a recent share price of $35.11.
• Openlane exceeded quarterly earnings expectations, reporting $0.40 in EPS versus $0.35 expected and revenue of $554.6 million, up 15.1% year over year. CEO Peter J. Kelly also purchased roughly $500,000 of company stock.

Bank of New York Mellon Corp bought a new position in shares of Openlane (NYSE:OPLN - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 792,138 shares of the company's stock, valued at approximately $32,668,000. Bank of New York Mellon Corp owned approximately 0.75% of Openlane at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Hawk Ridge Capital Management LP increased its position in Openlane by 72.5% in the first quarter. Hawk Ridge Capital Management LP now owns 4,967,144 shares of the company's stock worth $144,792,000 after buying an additional 2,087,200 shares during the last quarter. Nicholas Company Inc. bought a new position in shares of Openlane in the fourth quarter worth $6,380,000. New York State Teachers Retirement System bought a new stake in shares of Openlane during the 4th quarter valued at $2,152,000. Comerica Bank bought a new stake in shares of Openlane during the fourth quarter valued at about $951,000. Finally, Prospect Capital Advisors LLC purchased a new stake in shares of Openlane in the first quarter worth about $2,437,000. Institutional investors and hedge funds own 99.76% of the company's stock.

Wall Street Analyst Weigh In

OPLN has been the subject of several recent analyst reports. Barclays boosted their price objective on shares of Openlane from $46.00 to $49.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Stephens restated an "overweight" rating and issued a $42.00 target price on shares of Openlane in a research note on Thursday, June 11th. Bank of America raised their price target on Openlane from $37.00 to $44.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. Northcoast Research set a $50.00 price target on Openlane in a research report on Wednesday, August 5th. Finally, Wall Street Zen lowered Openlane from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $43.83.

Openlane Trading Down 1.1%

Shares of Openlane stock opened at $35.11 on Friday. Openlane has a 1-year low of $24.32 and a 1-year high of $42.90. The company's fifty day simple moving average is $38.42 and its 200-day simple moving average is $34.13. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.17 and a quick ratio of 1.17. The stock has a market capitalization of $4.31 billion, a PE ratio of -41.31, a P/E/G ratio of 2.18 and a beta of 1.28.

Openlane (NYSE:OPLN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $0.40 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.05. The company 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%.The firm's quarterly revenue was up 15.1% on a year-over-year basis. Openlane has set its FY 2026 guidance at 1.400-1.500 EPS. As a group, equities analysts anticipate that Openlane will post 1.45 earnings per share for the current year.

Insider Buying and Selling at Openlane

In other news, CEO Peter J. Kelly bought 14,830 shares of Openlane stock in a transaction dated Monday, August 24th. The shares were purchased at an average cost of $33.72 per share, with a total value of $500,067.60. Following the completion of the acquisition, the chief executive officer owned 14,830 shares of the company's stock, valued at $500,067.60. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.22% of the stock is currently owned by insiders.

Openlane Profile

Openlane, Inc operates a digital wholesale vehicle marketplace that facilitates the remarketing of used vehicles for commercial consignors and retail dealers. The company provides an online auction platform that enables buyers and sellers to transact in real time, connecting franchised and independent dealers, fleet operators, rental companies, manufacturers and financial institutions. Its marketplace focuses on vehicles from lease returns, fleet and commercial fleets, repossessions and dealer trade-ins.

In addition to the core auction and listing services, Openlane offers a suite of remarketing support services designed to simplify the end-to-end sale process.

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