Deutsche Bank AG Has $1.72 Million Position in OPENLANE, Inc. $KAR

Key Points

• Deutsche Bank AG reduced its stake in OPENLANE, Inc. by 62.3%, owning 89,008 shares worth $1.72 million after selling 147,356 shares in the 1st quarter.
• During the fourth quarter, several institutions including Brown Advisory Inc. and Marshall Wace LLP made significant moves, with holdings in OPENLANE reaching 99.76% ownership by institutional investors.
• OPENLANE reported earnings of $0.33 per share, surpassing analysts' estimates, with a year-over-year revenue growth of 11.6%, totaling $481.70 million for the quarter.

Deutsche Bank AG decreased its stake in OPENLANE, Inc. (NYSE:KAR - Free Report) by 62.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 89,008 shares of the specialty retailer's stock after selling 147,356 shares during the quarter. Deutsche Bank AG owned approximately 0.08% of OPENLANE worth $1,716,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Canada Pension Plan Investment Board acquired a new position in shares of OPENLANE during the 4th quarter worth $34,000. Quarry LP increased its stake in shares of OPENLANE by 414.6% during the 4th quarter. Quarry LP now owns 2,182 shares of the specialty retailer's stock worth $43,000 after purchasing an additional 1,758 shares during the last quarter. FSC Wealth Advisors LLC acquired a new position in shares of OPENLANE during the 1st quarter worth $51,000. Johnson Financial Group Inc. acquired a new position in shares of OPENLANE during the 4th quarter worth $68,000. Finally, Nisa Investment Advisors LLC increased its stake in shares of OPENLANE by 19.8% during the 1st quarter. Nisa Investment Advisors LLC now owns 3,575 shares of the specialty retailer's stock worth $69,000 after purchasing an additional 590 shares during the last quarter. Institutional investors and hedge funds own 99.76% of the company's stock.

OPENLANE Price Performance

NYSE:KAR traded down $0.01 during midday trading on Wednesday, reaching $29.12. The stock had a trading volume of 534,260 shares, compared to its average volume of 935,062. OPENLANE, Inc. has a 1-year low of $15.44 and a 1-year high of $29.37. The firm's fifty day simple moving average is $25.84 and its 200-day simple moving average is $22.52. The stock has a market capitalization of $3.09 billion, a P/E ratio of 39.34, a PEG ratio of 2.79 and a beta of 1.40.

OPENLANE (NYSE:KAR - Get Free Report) last posted its earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, beating 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 business had revenue of $481.70 million for the quarter, compared to analyst estimates of $453.26 million. During the same period last year, the business posted $0.19 EPS. OPENLANE's revenue was up 11.6% compared to the same quarter last year. On average, equities research analysts anticipate that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

Insider Buying and Selling at OPENLANE

In other OPENLANE news, EVP James P. Coyle sold 194,575 shares of the firm's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $27.94, for a total value of $5,436,425.50. Following the sale, the executive vice president directly owned 36,851 shares in the company, valued at $1,029,616.94. This trade represents a 84.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Charles S. Coleman sold 59,289 shares of OPENLANE 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 owned 53,474 shares in the company, valued at approximately $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. Company insiders own 1.51% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on KAR. Bank of America 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 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 increased their price target on OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. Finally, Wall Street Zen raised shares of OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $26.50.

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.