Caxton Associates LLP Acquires New Shares 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 bought a new stake in OPENLANE, Inc. (NYSE:KAR - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 16,652 shares of the specialty retailer's stock, valued at approximately $321,000.

Several other institutional investors and hedge funds also recently made changes to their positions in KAR. Graham Capital Management L.P. acquired a new position in shares of OPENLANE in the fourth quarter valued at approximately $433,000. Gotham Asset Management LLC grew its position in shares of OPENLANE by 33.1% in the fourth quarter. Gotham Asset Management LLC now owns 59,080 shares of the specialty retailer's stock valued at $1,172,000 after purchasing an additional 14,686 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of OPENLANE by 14.2% in the fourth quarter. Janus Henderson Group PLC now owns 49,060 shares of the specialty retailer's stock valued at $973,000 after purchasing an additional 6,100 shares during the last quarter. Lazard Asset Management LLC grew its position in shares of OPENLANE by 100.0% in the fourth quarter. Lazard Asset Management LLC now owns 141,115 shares of the specialty retailer's stock valued at $2,799,000 after purchasing an additional 70,574 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of OPENLANE by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 61,098 shares of the specialty retailer's stock valued at $1,212,000 after purchasing an additional 2,123 shares during the last quarter. Institutional investors and hedge funds own 99.76% of the company's stock.

OPENLANE Stock Up 2.2%

Shares of KAR stock traded up $0.63 during trading hours on Thursday, reaching $29.16. The company's stock had a trading volume of 715,275 shares, compared to its average volume of 724,993. The firm's 50 day simple moving average is $27.36 and its 200-day simple moving average is $23.40. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of 39.41, a PEG ratio of 2.95 and a beta of 1.38. OPENLANE, Inc. has a fifty-two week low of $15.44 and a fifty-two week high of $30.93.

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

Insider Buying and Selling at OPENLANE

In related news, EVP Charles S. Coleman sold 59,289 shares of the firm's 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 of the company's stock, valued at $1,495,667.78. This trade represents a 52.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP James P. Coyle sold 194,575 shares of the firm's 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 sale, the executive vice president directly owned 36,851 shares in the company, valued at approximately $1,029,616.94. This trade represents 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.

Analyst Ratings Changes

Several equities analysts have recently commented on KAR shares. Bank of America upped their target price on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Stephens increased their price target on OPENLANE from $32.00 to $35.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 10th. JPMorgan Chase & Co. increased their price target on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Finally, Barrington Research increased their price target on OPENLANE from $25.00 to $30.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, OPENLANE currently has an average rating of "Moderate Buy" and a consensus 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.