Carolina Wealth Advisors LLC Cuts Stake in OPENLANE, Inc. (NYSE:KAR)

Carolina Wealth Advisors LLC lessened its holdings in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 59.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,050 shares of the specialty retailer's stock after selling 24,862 shares during the period. Carolina Wealth Advisors LLC's holdings in OPENLANE were worth $329,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of KAR. Burgundy Asset Management Ltd. boosted its position in shares of OPENLANE by 1.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 9,278,497 shares of the specialty retailer's stock worth $184,085,000 after purchasing an additional 153,975 shares in the last quarter. Brown Advisory Inc. acquired a new stake in shares of OPENLANE in the fourth quarter valued at about $43,941,000. William Blair Investment Management LLC boosted its holdings in OPENLANE by 2.4% during the fourth quarter. William Blair Investment Management LLC now owns 1,493,988 shares of the specialty retailer's stock worth $29,641,000 after buying an additional 35,164 shares in the last quarter. Northern Trust Corp grew its position in OPENLANE by 3.5% during the fourth quarter. Northern Trust Corp now owns 1,366,918 shares of the specialty retailer's stock worth $27,120,000 after buying an additional 46,041 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in OPENLANE by 14.5% in the fourth quarter. Bank of New York Mellon Corp now owns 884,553 shares of the specialty retailer's stock valued at $17,550,000 after buying an additional 111,798 shares in the last quarter. Hedge funds and other institutional investors own 99.76% of the company's stock.

OPENLANE Price Performance

NYSE:KAR traded up $0.30 during trading hours on Tuesday, reaching $24.75. 1,335,559 shares of the company traded hands, compared to its average volume of 734,356. The firm's 50-day moving average is $21.84 and its 200-day moving average is $20.78. The stock has a market cap of $2.66 billion, a P/E ratio of 37.50, a P/E/G ratio of 3.07 and a beta of 1.40. OPENLANE, Inc. has a 1-year low of $15.44 and a 1-year high of $25.02.

OPENLANE (NYSE:KAR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.07. OPENLANE had a return on equity of 10.38% and a net margin of 7.15%. The company had revenue of $460.10 million for the quarter, compared to analyst estimates of $445.70 million. During the same quarter in the prior year, the company posted $0.19 EPS. The business's revenue for the quarter was up 7.0% compared to the same quarter last year. As a group, research analysts predict that OPENLANE, Inc. will post 0.95 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP James P. Coyle sold 7,000 shares of the firm's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $21.72, for a total value of $152,040.00. Following the transaction, the executive vice president directly owned 36,511 shares in the company, valued at $793,018.92. This trade represents a 16.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.32% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

KAR has been the topic of several research analyst reports. Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. JPMorgan Chase & Co. downgraded OPENLANE from an "overweight" rating to a "neutral" rating and decreased their target price for the stock from $23.00 to $20.00 in a research report on Thursday, March 27th. Finally, Bank of America upped their target price on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a report on Monday, June 16th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, OPENLANE currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.00.

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.