Dynamic Technology Lab Private Ltd Buys Shares of 16,991 OPENLANE, Inc. $KAR

Key Points

• Dynamic Technology Lab Private Ltd acquired a new stake in OPENLANE, Inc. by purchasing 16,991 shares valued at approximately $328,000 in the first quarter.
• OPENLANE reported $0.33 EPS for the last quarter, exceeding analysts' estimates of $0.24, with revenues of $481.70 million, up 11.6% year-over-year.
• Research analysts have raised price targets for OPENLANE, with Barrington Research increasing their target from $25.00 to $30.00 and Stephens from $32.00 to $35.00.

Dynamic Technology Lab Private Ltd purchased a new stake in OPENLANE, Inc. (NYSE:KAR - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 16,991 shares of the specialty retailer's stock, valued at approximately $328,000.

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. raised its position in OPENLANE by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 531,985 shares of the specialty retailer's stock valued at $10,257,000 after purchasing an additional 13,817 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in OPENLANE in the 1st quarter valued at about $1,331,000. Neo Ivy Capital Management acquired a new stake in OPENLANE in the 1st quarter valued at about $936,000. Informed Momentum Co LLC acquired a new stake in OPENLANE in the 1st quarter valued at about $2,856,000. Finally, Mackenzie Financial Corp acquired a new stake in OPENLANE in the 1st quarter valued at about $1,242,000. Institutional investors and hedge funds own 99.76% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on KAR. Stephens increased their price target on OPENLANE from $32.00 to $35.00 and gave the company an "overweight" rating in a research report on Wednesday, September 10th. JPMorgan Chase & Co. increased their price target on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Barrington Research increased their price objective on OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. Finally, Bank of America increased their price objective 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 issued a Hold rating to the company. According to data from MarketBeat.com, OPENLANE has an average rating of "Moderate Buy" and an average target price of $28.75.

OPENLANE Price Performance

Shares of KAR traded up $0.63 during mid-day trading on Thursday, reaching $29.16. The company's stock had a trading volume of 715,275 shares, compared to its average volume of 724,993. OPENLANE, Inc. has a 12-month low of $15.44 and a 12-month high of $30.93. The stock has a market cap of $3.10 billion, a PE ratio of 39.41, a price-to-earnings-growth ratio of 2.95 and a beta of 1.38. The company's 50 day moving average is $27.36 and its 200 day moving average is $23.40.

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

Insider Buying and Selling

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

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.