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Charles Schwab Investment Management Inc. Sells 45,704 Shares of OPENLANE, Inc. $KAR

OPENLANE logo with Auto/Tires/Trucks background

Key Points

  • Charles Schwab Investment Management Inc. has decreased its stake in OPENLANE, Inc. by 2.6% after selling 45,704 shares, now owning approximately 1.59% of the company worth about $32.9 million.
  • In a recent quarterly report, OPENLANE exceeded earnings expectations with a reported $0.33 EPS, beating the consensus estimate of $0.24, alongside an 11.6% year-over-year revenue increase.
  • Several research analysts have raised their target prices on OPENLANE shares, with Barrington Research now setting a target of $30 and upgrading the stock to an "outperform" rating.
  • Want stock alerts on OPENLANE? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Charles Schwab Investment Management Inc. trimmed its position in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 2.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,708,794 shares of the specialty retailer's stock after selling 45,704 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.59% of OPENLANE worth $32,946,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board acquired a new stake in shares of OPENLANE during the fourth quarter valued at about $34,000. Quarry LP boosted its stake in OPENLANE by 414.6% during the 4th quarter. Quarry LP now owns 2,182 shares of the specialty retailer's stock valued at $43,000 after acquiring an additional 1,758 shares during the last quarter. FSC Wealth Advisors LLC acquired a new position in OPENLANE during the 1st quarter worth $51,000. Johnson Financial Group Inc. bought a new stake in shares of OPENLANE in the 4th quarter worth about $68,000. Finally, Nisa Investment Advisors LLC increased its position in shares of OPENLANE by 19.8% in the 1st quarter. Nisa Investment Advisors LLC now owns 3,575 shares of the specialty retailer's stock worth $69,000 after purchasing an additional 590 shares during the last quarter. Hedge funds and other institutional investors own 99.76% of the company's stock.

Insider Buying and Selling at OPENLANE

In other news, EVP Charles S. Coleman sold 59,289 shares of the firm's 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 transaction, the executive vice president directly owned 53,474 shares of the company's stock, valued at approximately $1,495,667.78. This trade represents a 52.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP James P. Coyle sold 194,575 shares of the company's 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 completion of the sale, the executive vice president directly owned 36,851 shares in the company, valued at approximately $1,029,616.94. The trade was a 84.08% decrease in their position. The disclosure for this sale can be found here. 1.51% of the stock is owned by company insiders.

OPENLANE Price Performance

Shares of KAR stock traded up $0.92 during trading on Friday, reaching $29.10. The company had a trading volume of 313,957 shares, compared to its average volume of 837,841. The company has a market capitalization of $3.09 billion, a PE ratio of 39.31, a PEG ratio of 2.68 and a beta of 1.40. The firm's 50 day simple moving average is $25.31 and its two-hundred day simple moving average is $22.29. OPENLANE, Inc. has a one year low of $15.44 and a one year high of $29.13.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on KAR shares. JPMorgan Chase & Co. lifted their price objective on shares of OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Barrington Research boosted 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. Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. 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 Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $26.50.

Get Our Latest Stock Report on KAR

About OPENLANE

(Free Report)

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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Institutional Ownership by Quarter for OPENLANE (NYSE:KAR)

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