OPENLANE, Inc. $KAR is Hawk Ridge Capital Management LP's 9th Largest Position

Key Points

• Hawk Ridge Capital Management LP increased its stake in OPENLANE, Inc. by 11.2%, owning a total of 4,577,285 shares valued at approximately $88.25 million.
• Several institutional investors have also increased their stakes in OPENLANE, with institutional ownership now at 99.76% of the company's stock.
• OPENLANE reported strong earnings, with $0.33 EPS for the quarter, surpassing estimates, alongside a revenue increase of 11.6% year-over-year.

Hawk Ridge Capital Management LP grew its position in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 11.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,577,285 shares of the specialty retailer's stock after acquiring an additional 461,976 shares during the period. OPENLANE comprises 4.2% of Hawk Ridge Capital Management LP's portfolio, making the stock its 9th largest position. Hawk Ridge Capital Management LP owned 4.26% of OPENLANE worth $88,250,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Nisa Investment Advisors LLC raised its position in OPENLANE by 19.8% during the 1st quarter. Nisa Investment Advisors LLC now owns 3,575 shares of the specialty retailer's stock valued at $69,000 after purchasing an additional 590 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of OPENLANE by 29.0% during the first quarter. Smartleaf Asset Management LLC now owns 3,270 shares of the specialty retailer's stock valued at $63,000 after acquiring an additional 735 shares in the last quarter. Kathmere Capital Management LLC raised its holdings in shares of OPENLANE by 2.6% during the first quarter. Kathmere Capital Management LLC now owns 39,400 shares of the specialty retailer's stock valued at $760,000 after acquiring an additional 1,000 shares in the last quarter. CWM LLC lifted its stake in 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 acquiring an additional 1,077 shares during the period. Finally, Jump Financial LLC boosted its holdings in OPENLANE by 2.8% in the first quarter. Jump Financial LLC now owns 47,164 shares of the specialty retailer's stock valued at $909,000 after acquiring an additional 1,273 shares in the last quarter. 99.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on KAR shares. Bank of America raised their target price on shares of OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. JPMorgan Chase & Co. increased their price target on shares of OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Barrington Research lifted their price objective on OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a research report on Wednesday, August 6th. Finally, Wall Street Zen upgraded OPENLANE from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $26.50.

OPENLANE Stock Down 0.3%

Shares of KAR stock traded down $0.08 during trading hours on Friday, hitting $29.07. 520,273 shares of the company's stock traded hands, compared to its average volume of 689,611. The stock's fifty day simple moving average is $26.68 and its two-hundred day simple moving average is $22.94. OPENLANE, Inc. has a 12-month low of $15.44 and a 12-month high of $29.37. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of 39.28, a PEG ratio of 3.00 and a beta of 1.38.

OPENLANE (NYSE:KAR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.09. The company 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 in the prior year, the business posted $0.19 EPS. On average, equities analysts forecast that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

Insider Buying and Selling at OPENLANE

In other news, 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 completion of the transaction, the executive vice president owned 36,851 shares of the company's stock, valued at $1,029,616.94. The trade was a 84.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Charles S. Coleman sold 59,289 shares of the stock in a transaction dated 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 directly owned 53,474 shares in the company, 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. 1.51% of the stock is owned by company insiders.

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.