Bosun Asset Management LLC Takes Position in OPENLANE, Inc. $KAR

Key Points

• Bosun Asset Management LLC acquired 33,506 shares of OPENLANE, Inc. (NYSE:KAR) valued at approximately $646,000 during the first quarter.
• Analyst ratings for OPENLANE have shifted, with several firms raising their price targets; Barrington Research increased it from $25.00 to $30.00 while Bank of America set a new target of $25.00.
• Insider sales occurred with EVP Charles S. Coleman selling 59,289 shares, reducing ownership by 52.58%, and EVP James P. Coyle selling 194,575 shares with an 84.08% decrease in their position.

Bosun Asset Management LLC purchased a new stake in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 33,506 shares of the specialty retailer's stock, valued at approximately $646,000.

Other hedge funds have also recently made changes to their positions in the company. FSC Wealth Advisors LLC purchased a new position in shares of OPENLANE during the 1st quarter valued at $51,000. Smartleaf Asset Management LLC grew its position in shares of 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 purchasing an additional 735 shares in the last quarter. Nisa Investment Advisors LLC grew its position in shares of OPENLANE by 19.8% during the 1st 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 in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of OPENLANE during the 1st quarter valued at $75,000. Finally, CWM LLC grew its position in shares of OPENLANE by 34.5% during the 1st quarter. CWM LLC now owns 4,198 shares of the specialty retailer's stock valued at $81,000 after purchasing an additional 1,077 shares in the last quarter. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at OPENLANE

In related news, EVP Charles S. Coleman sold 59,289 shares of OPENLANE stock in a transaction dated 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. This trade represents a 52.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP James P. Coyle sold 194,575 shares of OPENLANE stock in a transaction dated Thursday, August 7th. The shares were 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 $1,029,616.94. The trade was 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.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Bank of America boosted their price target on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Wall Street Zen upgraded shares of OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Barrington Research upped their target price on shares of OPENLANE from $25.00 to $30.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. upped 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. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $26.50.

OPENLANE Trading Down 0.3%

KAR traded down $0.08 during midday trading on Friday, reaching $29.07. The company's stock had a trading volume of 520,273 shares, compared to its average volume of 689,611. The stock's 50-day moving average is $26.68 and its 200-day moving average is $22.94. OPENLANE, Inc. has a 1 year low of $15.44 and a 1 year high of $29.37. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of 39.28, a PEG ratio of 3.00 and a beta of 1.38.

OPENLANE (NYSE:KAR - Get Free Report) last posted its earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share 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 company had revenue of $481.70 million during the quarter, compared to analysts' expectations of $453.26 million. During the same period last year, the company posted $0.19 earnings per share. OPENLANE's quarterly revenue was up 11.6% on a year-over-year basis. As a group, equities research analysts forecast that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

About OPENLANE

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.