Comerica Bank Takes $951,000 Position in Openlane $OPLN

Key Points

• Comerica Bank disclosed a new fourth-quarter stake in Openlane, buying 31,928 shares valued at about $951,000.
• Openlane’s latest quarterly results beat expectations, with EPS of $0.35 versus the $0.32 consensus and revenue up 14.8% year over year to $527.9 million.
• Analysts remain generally constructive: the stock has a Moderate Buy consensus rating with an average target price of $38, while shares recently traded near their 52-week high.

Comerica Bank purchased a new stake in Openlane (NYSE:OPLN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 31,928 shares of the company's stock, valued at approximately $951,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Yousif Capital Management LLC bought a new stake in Openlane during the 4th quarter worth approximately $857,000. Smith Moore & CO. bought a new stake in Openlane during the 4th quarter worth approximately $448,000. State of Alaska Department of Revenue bought a new stake in Openlane during the 4th quarter worth approximately $2,211,000. Guidance Capital Inc. bought a new stake in Openlane during the 4th quarter worth approximately $770,000. Finally, CWM LLC bought a new stake in Openlane during the 4th quarter worth approximately $320,000. 99.76% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Openlane news, EVP Tobin P. Richer sold 66,709 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $35.77, for a total transaction of $2,386,180.93. Following the completion of the transaction, the executive vice president owned 28,697 shares of the company's stock, valued at $1,026,491.69. This represents a 69.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP James P. Coyle sold 88,444 shares of the company's stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $28.83, for a total value of $2,549,840.52. Following the transaction, the executive vice president directly owned 63,869 shares of the company's stock, valued at approximately $1,841,343.27. This trade represents a 58.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 189,916 shares of company stock valued at $6,181,273 in the last quarter. 2.22% of the stock is currently owned by insiders.

Openlane Stock Up 0.6%

NYSE:OPLN opened at $37.91 on Friday. Openlane has a twelve month low of $21.62 and a twelve month high of $38.49. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.42. The business's 50 day moving average price is $29.59. The firm has a market cap of $4.02 billion, a P/E ratio of -37.16 and a beta of 1.22.

Openlane (NYSE:OPLN - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.03. Openlane had a return on equity of 13.00% and a net margin of 9.47%.The firm had revenue of $527.90 million during the quarter. During the same period last year, the company earned $0.31 EPS. The company's revenue was up 14.8% compared to the same quarter last year. Openlane has set its FY 2026 guidance at 1.280-1.420 EPS. As a group, analysts anticipate that Openlane will post 1.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Stephens increased their target price on Openlane from $35.00 to $37.00 and gave the stock an "overweight" rating in a research note on Friday, January 23rd. Weiss Ratings cut Openlane from a "buy (b)" rating to a "hold (c)" rating in a research note on Tuesday, March 3rd. Wall Street Zen raised Openlane from a "hold" rating to a "buy" rating in a research note on Saturday. Barclays increased their target price on Openlane from $35.00 to $40.00 and gave the stock an "overweight" rating in a research note on Wednesday. Finally, Robert W. Baird set a $40.00 target price on Openlane in a research note on Wednesday. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Openlane currently has an average rating of "Moderate Buy" and a consensus target price of $38.00.

Openlane Profile

Openlane, Inc operates a digital wholesale vehicle marketplace that facilitates the remarketing of used vehicles for commercial consignors and retail dealers. The company provides an online auction platform that enables buyers and sellers to transact in real time, connecting franchised and independent dealers, fleet operators, rental companies, manufacturers and financial institutions. Its marketplace focuses on vehicles from lease returns, fleet and commercial fleets, repossessions and dealer trade-ins.

In addition to the core auction and listing services, Openlane offers a suite of remarketing support services designed to simplify the end-to-end sale process.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.