Dynamic Technology Lab Private Ltd Purchases New Holdings in 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 shares of OPENLANE, Inc. (NYSE:KAR - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 16,991 shares of the specialty retailer's stock, valued at approximately $328,000.

A number of other large investors also recently bought and sold shares of KAR. Nuveen LLC purchased a new position in OPENLANE during the 1st quarter valued at about $14,725,000. Burgundy Asset Management Ltd. lifted its position in OPENLANE by 7.0% during the 1st quarter. Burgundy Asset Management Ltd. now owns 9,925,661 shares of the specialty retailer's stock valued at $191,367,000 after acquiring an additional 647,164 shares during the period. Nuveen Asset Management LLC lifted its position in OPENLANE by 148.1% during the 4th quarter. Nuveen Asset Management LLC now owns 805,461 shares of the specialty retailer's stock valued at $15,980,000 after acquiring an additional 480,804 shares during the period. Hawk Ridge Capital Management LP lifted its position in OPENLANE by 11.2% during the 1st quarter. Hawk Ridge Capital Management LP now owns 4,577,285 shares of the specialty retailer's stock valued at $88,250,000 after acquiring an additional 461,976 shares during the period. Finally, Public Sector Pension Investment Board lifted its position in OPENLANE by 137.1% during the 1st quarter. Public Sector Pension Investment Board now owns 631,165 shares of the specialty retailer's stock valued at $12,169,000 after acquiring an additional 364,986 shares during the period. 99.76% of the stock is owned by hedge funds and other institutional investors.

OPENLANE Stock Down 2.4%

Shares of KAR stock opened at $28.90 on Friday. The company has a 50 day moving average price of $27.09 and a 200-day moving average price of $23.21. OPENLANE, Inc. has a 52 week low of $15.44 and a 52 week high of $30.93. The firm has a market capitalization of $3.07 billion, a PE ratio of 39.06, a P/E/G ratio of 3.06 and a beta of 1.38.

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on KAR shares. Barrington Research lifted their price target on shares of OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a research report on Wednesday, August 6th. Stephens raised their price objective on shares of OPENLANE from $32.00 to $35.00 and gave the company an "overweight" rating in a research note on Wednesday. JPMorgan Chase & Co. raised their price objective 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. Finally, Bank of America raised their price objective 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. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, OPENLANE has a consensus rating of "Moderate Buy" and a consensus price target of $28.75.

Insider Buying and Selling

In related news, EVP James P. Coyle sold 194,575 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were 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 directly owned 36,851 shares in the company, valued at approximately $1,029,616.94. The trade was a 84.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Charles S. Coleman sold 59,289 shares of the business'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 transaction of $1,658,313.33. Following the sale, the executive vice president 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 disclosure for this sale can be found here. Insiders own 1.51% of the company's stock.

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.

Want to see what other hedge funds are holding KAR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for OPENLANE, Inc. (NYSE:KAR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.