OPENLANE, Inc. $KAR Holdings Cut by Charles Schwab Investment Management Inc.

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.

Charles Schwab Investment Management Inc. lessened its holdings in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 2.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 1,708,794 shares of the specialty retailer's stock after selling 45,704 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.59% of OPENLANE worth $32,946,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC boosted its position in OPENLANE by 19.8% during the 1st quarter. Nisa Investment Advisors LLC now owns 3,575 shares of the specialty retailer's stock worth $69,000 after acquiring an additional 590 shares during the period. Kathmere Capital Management LLC boosted its position in OPENLANE by 2.6% during the 1st quarter. Kathmere Capital Management LLC now owns 39,400 shares of the specialty retailer's stock worth $760,000 after acquiring an additional 1,000 shares during the period. CWM LLC boosted its position in OPENLANE by 34.5% during the 1st quarter. CWM LLC now owns 4,198 shares of the specialty retailer's stock worth $81,000 after acquiring an additional 1,077 shares during the period. Bank of Montreal Can boosted its holdings in shares of OPENLANE by 9.6% in the fourth quarter. Bank of Montreal Can now owns 13,268 shares of the specialty retailer's stock valued at $263,000 after acquiring an additional 1,161 shares in the last quarter. Finally, Two Sigma Investments LP boosted its holdings in shares of OPENLANE by 1.1% in the fourth quarter. Two Sigma Investments LP now owns 126,451 shares of the specialty retailer's stock valued at $2,509,000 after acquiring an additional 1,339 shares in the last quarter. Institutional investors and hedge funds own 99.76% of the company's stock.

Insider Activity at OPENLANE

In related news, EVP Charles S. Coleman sold 59,289 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $27.97, for a total value of $1,658,313.33. Following the completion of the sale, the executive vice president owned 53,474 shares in the company, valued at approximately $1,495,667.78. This represents a 52.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP James P. Coyle sold 194,575 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was 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 owned 36,851 shares of the company's stock, 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 currently owned by corporate insiders.

OPENLANE Stock Up 3.4%

NYSE:KAR traded up $0.9650 during trading hours on Friday, reaching $29.1450. 760,560 shares of the company's stock were exchanged, compared to its average volume of 952,393. The company has a market capitalization of $3.10 billion, a P/E ratio of 39.39, a price-to-earnings-growth ratio of 2.79 and a beta of 1.40. OPENLANE, Inc. has a 12 month low of $15.44 and a 12 month high of $29.19. The business's 50-day simple moving average is $25.43 and its two-hundred day simple moving average is $22.36.

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, topping analysts' consensus estimates of $0.24 by $0.09. The firm 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%. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the firm posted $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 fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of OPENLANE from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Bank of America increased their price objective on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a report on Monday, June 16th. Barrington Research increased their price objective on shares of OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. increased their price objective on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, OPENLANE currently has an average rating of "Moderate Buy" and a consensus target price of $26.50.

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.