Neo Ivy Capital Management Takes Position in OPENLANE, Inc. (NYSE:KAR)

Key Points

• Neo Ivy Capital Management has invested approximately $936,000 in OPENLANE, acquiring 48,524 shares of the specialty retailer during the first quarter.
• OPENLANE reported $0.31 earnings per share for its most recent quarter, exceeding estimates, with a 7.0% increase in revenue compared to the same period last year.
• Several analysts have upgraded OPENLANE to a "buy" rating, with Bank of America raising their price target on the stock from $22.00 to $25.00.

Neo Ivy Capital Management acquired a new stake in OPENLANE, Inc. (NYSE:KAR - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 48,524 shares of the specialty retailer's stock, valued at approximately $936,000.

Other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. grew its holdings in OPENLANE by 2.7% during the first quarter. Principal Financial Group Inc. now owns 531,985 shares of the specialty retailer's stock worth $10,257,000 after acquiring an additional 13,817 shares during the period. Cerity Partners LLC acquired a new position in shares of OPENLANE during the 1st quarter worth $531,000. GAMMA Investing LLC increased its holdings in shares of OPENLANE by 1,949.2% in the 1st quarter. GAMMA Investing LLC now owns 43,033 shares of the specialty retailer's stock valued at $830,000 after purchasing an additional 40,933 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of OPENLANE by 119.4% in the fourth quarter. JPMorgan Chase & Co. now owns 306,038 shares of the specialty retailer's stock valued at $6,072,000 after purchasing an additional 166,536 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in OPENLANE during the first quarter worth about $480,000. 99.76% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP James P. Coyle sold 7,000 shares of the company's stock in a transaction on Friday, May 9th. The stock was sold at an average price of $21.72, for a total value of $152,040.00. Following the sale, the executive vice president directly owned 36,511 shares in the company, valued at $793,018.92. This represents a 16.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.32% of the company's stock.

Wall Street Analysts Forecast Growth

KAR has been the subject of a number of research analyst reports. Bank of America increased their target price on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a report on Monday, June 16th. Wall Street Zen upgraded OPENLANE from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $24.00.

OPENLANE Stock Performance

NYSE KAR traded up $0.06 during trading hours on Wednesday, reaching $24.81. The company's stock had a trading volume of 65,102 shares, compared to its average volume of 817,174. The company's 50-day moving average is $23.91 and its two-hundred day moving average is $21.50. OPENLANE, Inc. has a fifty-two week low of $15.44 and a fifty-two week high of $26.03. The stock has a market cap of $2.66 billion, a PE ratio of 37.59, a PEG ratio of 2.77 and a beta of 1.41.

OPENLANE (NYSE:KAR - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 EPS for the quarter, beating the consensus estimate of $0.24 by $0.07. OPENLANE had a net margin of 7.15% and a return on equity of 10.38%. The business had revenue of $460.10 million for the quarter, compared to analyst estimates of $445.70 million. During the same period in the prior year, the business earned $0.19 earnings per share. The company's quarterly revenue was up 7.0% on a year-over-year basis. Equities analysts expect that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

OPENLANE 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.