Contravisory Investment Management Inc. Acquires Shares of 11,994 OPENLANE, Inc. $KAR

Key Points

• Contravisory Investment Management Inc. has acquired a new position in OPENLANE, Inc., investing approximately $293,000 for 11,994 shares during the second quarter.
• Several institutional investors, including Janus Henderson Group and Nuveen Asset Management, have increased their stakes in OPENLANE, indicating strong interest as institutional ownership now stands at 99.76%.
• OPENLANE's latest quarterly earnings surpassed expectations, reporting $0.33 EPS and $481.70 million in revenue, showing an 11.6% year-over-year increase.

Contravisory Investment Management Inc. purchased a new position in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 11,994 shares of the specialty retailer's stock, valued at approximately $293,000.

Other large investors have also recently added to or reduced their stakes in the company. FSC Wealth Advisors LLC acquired a new stake in OPENLANE in the 1st quarter valued at approximately $51,000. Smartleaf Asset Management LLC boosted its stake in shares of OPENLANE by 29.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 3,270 shares of the specialty retailer's stock worth $63,000 after acquiring an additional 735 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of 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 in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of OPENLANE during the 1st quarter worth $75,000. Finally, CWM LLC boosted its position in shares of OPENLANE by 34.5% in the first quarter. CWM LLC now owns 4,198 shares of the specialty retailer's stock worth $81,000 after buying an additional 1,077 shares during the period. 99.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at OPENLANE

In related news, EVP Charles S. Coleman sold 59,289 shares of OPENLANE stock in a transaction dated 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 directly owned 53,474 shares of the company's stock, valued at $1,495,667.78. This trade represents a 52.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP James P. Coyle sold 194,575 shares of OPENLANE stock in a transaction dated Thursday, August 7th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. 2.32% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on KAR shares. Bank of America raised their target price on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. Barrington Research raised their target price on OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. Stephens raised their target price on OPENLANE from $32.00 to $35.00 and gave the company an "overweight" rating in a report on Wednesday, September 10th. Finally, JPMorgan Chase & Co. raised their target price on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, OPENLANE currently has an average rating of "Moderate Buy" and a consensus target price of $28.75.

OPENLANE Stock Performance

Shares of OPENLANE stock traded down $0.20 during trading on Monday, reaching $28.89. The company's stock had a trading volume of 843,970 shares, compared to its average volume of 812,728. The business's fifty day moving average price is $27.52 and its 200-day moving average price is $23.54. The firm has a market cap of $3.07 billion, a price-to-earnings ratio of 39.04, a price-to-earnings-growth ratio of 3.00 and a beta of 1.38. OPENLANE, Inc. has a one year low of $15.44 and a one year high of $30.93.

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

OPENLANE Company Profile

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.