Oliver Luxxe Assets LLC Purchases Shares of 72,782 OPENLANE, Inc. $KAR

Key Points

• Oliver Luxxe Assets LLC made a new investment of $1.78 million in OPENLANE, Inc. by acquiring 72,782 shares during the second quarter.
• OPENLANE reported earnings per share (EPS) of $0.33 for the last quarter, exceeding analysts' expectations of $0.24, with revenue increasing 11.6% year-over-year.
• Recently, multiple analysts have upgraded their price targets for OPENLANE, with Stephens raising theirs from $32.00 to $35.00, giving an "overweight" rating.

Oliver Luxxe Assets LLC purchased a new stake in OPENLANE, Inc. (NYSE:KAR - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 72,782 shares of the specialty retailer's stock, valued at approximately $1,780,000. Oliver Luxxe Assets LLC owned 0.07% of OPENLANE at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in shares of OPENLANE during the 1st quarter worth about $14,725,000. Burgundy Asset Management Ltd. boosted its stake 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 worth $191,367,000 after acquiring an additional 647,164 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in OPENLANE by 148.1% during the 4th quarter. Nuveen Asset Management LLC now owns 805,461 shares of the specialty retailer's stock worth $15,980,000 after acquiring an additional 480,804 shares during the last quarter. Hawk Ridge Capital Management LP lifted its stake in OPENLANE by 11.2% in the first quarter. Hawk Ridge Capital Management LP now owns 4,577,285 shares of the specialty retailer's stock valued at $88,250,000 after buying an additional 461,976 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its position in shares of OPENLANE by 137.1% in the first quarter. Public Sector Pension Investment Board now owns 631,165 shares of the specialty retailer's stock worth $12,169,000 after purchasing an additional 364,986 shares in the last quarter. Institutional investors own 99.76% of the company's stock.

Insiders Place Their Bets

In related news, EVP Charles S. Coleman sold 59,289 shares of the business's stock in a transaction 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 directly owned 53,474 shares in the company, valued at $1,495,667.78. The trade was a 52.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP James P. Coyle sold 194,575 shares of the business's stock in a transaction 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 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. Company insiders own 2.32% of the company's stock.

OPENLANE Price Performance

Shares of OPENLANE stock traded down $0.20 on Monday, reaching $28.89. The company had a trading volume of 843,970 shares, compared to its average volume of 812,728. The firm has a market cap of $3.07 billion, a price-to-earnings ratio of 39.04, a P/E/G ratio of 3.00 and a beta of 1.38. The firm's 50-day moving average price is $27.52 and its two-hundred day moving average price is $23.54. OPENLANE, Inc. has a 1 year low of $15.44 and a 1 year high of $30.93.

OPENLANE (NYSE:KAR - Get Free Report) last issued 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. OPENLANE had a return on equity of 11.65% and a net margin of 8.18%.The firm had revenue of $481.70 million during the quarter, compared to analyst estimates of $453.26 million. During the same period last year, the company earned $0.19 EPS. OPENLANE's quarterly revenue was up 11.6% compared to the same quarter last year. As a group, analysts anticipate that OPENLANE, Inc. will post 0.95 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.