OPENLANE, Inc. (NYSE:KAR) Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in OPENLANE, Inc. by 18.4% to own 813,406 shares worth approximately $15.68 million.
• In the most recent transactions, executive officers Charles S. Coleman and James P. Coyle sold large amounts of OPENLANE stock, reducing their holdings significantly by 52.58% and 84.08%, respectively.
• OPENLANE reported Q2 earnings with an EPS of $0.33, surpassing estimates, and observed a revenue increase of 11.6% year-over-year.

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 18.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 813,406 shares of the specialty retailer's stock after acquiring an additional 126,683 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.76% of OPENLANE worth $15,682,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. CenterBook Partners LP grew its position in OPENLANE by 2.6% in the 1st quarter. CenterBook Partners LP now owns 145,568 shares of the specialty retailer's stock worth $2,807,000 after purchasing an additional 3,659 shares during the period. Natixis Advisors LLC lifted its stake in shares of OPENLANE by 75.2% during the 1st quarter. Natixis Advisors LLC now owns 26,520 shares of the specialty retailer's stock valued at $511,000 after buying an additional 11,383 shares in the last quarter. XTX Topco Ltd lifted its stake in shares of OPENLANE by 224.0% during the 1st quarter. XTX Topco Ltd now owns 74,984 shares of the specialty retailer's stock valued at $1,446,000 after buying an additional 51,842 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of OPENLANE during the 1st quarter valued at $1,331,000. Finally, Mackenzie Financial Corp purchased a new position in shares of OPENLANE during the 1st quarter valued at $1,242,000. Institutional investors own 99.76% of the company's stock.

OPENLANE Stock Up 0.2%

Shares of NYSE:KAR traded up $0.05 during midday trading on Friday, reaching $28.39. The company's stock had a trading volume of 224,019 shares, compared to its average volume of 842,671. The firm has a market capitalization of $3.02 billion, a PE ratio of 38.34, a P/E/G ratio of 2.76 and a beta of 1.40. OPENLANE, Inc. has a twelve month low of $15.44 and a twelve month high of $29.13. The stock has a fifty day moving average of $24.87 and a 200 day moving average of $22.03.

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

Analyst Ratings Changes

A number of research analysts recently weighed in on KAR shares. Bank of America lifted their target price on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Barrington Research lifted their target price on shares of OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a research note on Wednesday, August 6th. Wall Street Zen upgraded shares of OPENLANE from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Finally, JPMorgan Chase & Co. lifted their target price on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.50.

Insider Buying and Selling

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

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.