Caxton Associates LLP Acquires New Holdings in OPENLANE, Inc. $KAR

Key Points

• Caxton Associates LLP has acquired a new stake in OPENLANE, Inc., purchasing 16,652 shares valued at approximately $321,000 during the first quarter of the year.
• Several institutional investors have also increased their positions in OPENLANE, with CWM LLC boosting its stake by 34.5% to own 4,198 shares worth $81,000.
• OPENLANE's stock recently traded at $28.90, showing an increase in revenue of 11.6% year-over-year, along with an earnings per share of $0.33 that exceeded analysts' expectations.

Caxton Associates LLP acquired a new position in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 16,652 shares of the specialty retailer's stock, valued at approximately $321,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Principal Financial Group Inc. boosted its position in shares of OPENLANE by 2.7% during the first quarter. Principal Financial Group Inc. now owns 531,985 shares of the specialty retailer's stock valued at $10,257,000 after buying an additional 13,817 shares during the last quarter. GSA Capital Partners LLP bought a new position in OPENLANE during the 1st quarter valued at $1,331,000. Neo Ivy Capital Management purchased a new position in OPENLANE during the 1st quarter worth $936,000. Informed Momentum Co LLC bought a new stake in shares of OPENLANE in the 1st quarter worth $2,856,000. Finally, Mackenzie Financial Corp purchased a new stake in shares of OPENLANE in the first quarter valued at about $1,242,000. 99.76% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other OPENLANE news, EVP Charles S. Coleman sold 59,289 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $27.97, for a total transaction of $1,658,313.33. Following the sale, the executive vice president owned 53,474 shares in the company, valued at $1,495,667.78. This represents a 52.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP James P. Coyle sold 194,575 shares of OPENLANE stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $27.94, for a total value of $5,436,425.50. Following the completion of the transaction, the executive vice president owned 36,851 shares of the company's stock, valued at approximately $1,029,616.94. This trade represents a 84.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.32% of the company's stock.

OPENLANE Price Performance

Shares of NYSE KAR traded down $0.27 during trading on Monday, reaching $28.61. 705,343 shares of the stock traded hands, compared to its average volume of 703,908. The stock has a market capitalization of $3.04 billion, a P/E ratio of 38.66, a price-to-earnings-growth ratio of 2.98 and a beta of 1.38. OPENLANE, Inc. has a 52-week low of $15.44 and a 52-week high of $30.93. The company has a 50-day moving average of $27.15 and a 200-day moving average of $23.28.

OPENLANE (NYSE:KAR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.09. The business had revenue of $481.70 million for the quarter, compared to analysts' expectations of $453.26 million. OPENLANE had a return on equity of 11.65% and a net margin of 8.18%.The firm's quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.19 EPS. Analysts expect that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Bank of America upped their price objective on shares of OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. Barrington Research upped their target price on OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. Stephens increased their price target on OPENLANE from $32.00 to $35.00 and gave the company an "overweight" rating in a research report on Wednesday, September 10th. Finally, JPMorgan Chase & Co. boosted their price objective on 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 assigned a Hold rating to the company's stock. According to data from MarketBeat, OPENLANE has an average rating of "Moderate Buy" and an average price target of $28.75.

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.