OPENLANE, Inc. $KAR Shares Sold by Rhumbline Advisers

Key Points

• Rhumbline Advisers reduced its stake in OPENLANE, Inc. shares by 5.2%, holding approximately 0.28% of the company after selling 16,264 shares.
• Equity research analysts have recently increased their price targets for OPENLANE, with Stephens raising the target to $35.00 and Barrington Research increasing it to $30.00, indicating positive market sentiment.
• In a recent earnings report, OPENLANE beat expectations with a quarterly earnings per share of $0.33, signaling an 11.6% year-over-year revenue growth.

Rhumbline Advisers reduced its position in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 5.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 298,894 shares of the specialty retailer's stock after selling 16,264 shares during the period. Rhumbline Advisers owned about 0.28% of OPENLANE worth $5,763,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Nisa Investment Advisors LLC raised its position 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 valued at $69,000 after acquiring an additional 590 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of OPENLANE by 29.0% during the 1st 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 position in shares of OPENLANE by 2.6% during the 1st 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 raised its position in shares of OPENLANE by 34.5% during the 1st quarter. CWM LLC now owns 4,198 shares of the specialty retailer's stock valued at $81,000 after acquiring an additional 1,077 shares in the last quarter. Finally, Jump Financial LLC raised its position in shares of OPENLANE by 2.8% during the 1st 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 and hedge funds.

Wall Street Analyst Weigh In

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

OPENLANE Price Performance

Shares of NYSE KAR opened at $28.90 on Friday. 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, Inc. has a 1-year low of $15.44 and a 1-year high of $30.93. The business's fifty day moving average price is $27.09 and its two-hundred day moving average price is $23.21.

OPENLANE (NYSE:KAR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.09. The company had revenue of $481.70 million for the quarter, compared to analyst estimates of $453.26 million. OPENLANE had a return on equity of 11.65% and a net margin of 8.18%.The company's quarterly revenue was up 11.6% compared to the same quarter last year. During the same period last year, the company earned $0.19 earnings per share. Equities research analysts expect that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Charles S. Coleman sold 59,289 shares of the firm'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 of the company's stock, valued at approximately $1,495,667.78. This trade represents a 52.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 1.51% of the stock is currently 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.

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