Carolina Wealth Advisors LLC Has $329,000 Stock Position in OPENLANE, Inc. (NYSE:KAR)

Carolina Wealth Advisors LLC reduced its holdings in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 59.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,050 shares of the specialty retailer's stock after selling 24,862 shares during the quarter. Carolina Wealth Advisors LLC's holdings in OPENLANE were worth $329,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in KAR. Brown Advisory Inc. purchased a new position in OPENLANE during the fourth quarter worth about $43,941,000. Kimelman & Baird LLC purchased a new position in OPENLANE during the fourth quarter worth about $15,793,000. TFJ Management LLC purchased a new position in OPENLANE during the fourth quarter worth about $14,465,000. Advisory Research Inc. purchased a new position in OPENLANE during the fourth quarter worth about $9,761,000. Finally, Nuveen Asset Management LLC boosted its holdings in OPENLANE by 148.1% during the fourth quarter. Nuveen Asset Management LLC now owns 805,461 shares of the specialty retailer's stock worth $15,980,000 after purchasing an additional 480,804 shares during the last quarter. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP James P. Coyle sold 7,000 shares of the business's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $21.72, for a total value of $152,040.00. Following the sale, the executive vice president now owns 36,511 shares of the company's stock, valued at $793,018.92. The trade was a 16.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.51% of the company's stock.

OPENLANE Stock Up 2.1%

KAR opened at $23.89 on Friday. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 36.19, a PEG ratio of 3.00 and a beta of 1.40. OPENLANE, Inc. has a twelve month low of $15.44 and a twelve month high of $24.42. The company's 50-day moving average price is $21.71 and its two-hundred day moving average price is $20.75.

OPENLANE (NYSE:KAR - Get Free Report) last released its earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.07. The firm had revenue of $460.10 million for the quarter, compared to analysts' expectations of $445.70 million. OPENLANE had a net margin of 7.15% and a return on equity of 10.38%. The company's quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.19 earnings per share. As a group, sell-side analysts anticipate that OPENLANE, Inc. will post 0.95 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently weighed in on KAR shares. Wall Street Zen upgraded shares of OPENLANE from a "hold" rating to a "buy" rating in a report on Friday, May 9th. JPMorgan Chase & Co. cut shares of OPENLANE from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $23.00 to $20.00 in a report on Thursday, March 27th. Bank of America boosted their price target on shares of OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Finally, Stephens upgraded shares of OPENLANE from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $20.00 to $26.00 in a research note on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company 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.

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