Sunriver Management LLC Sells 401,605 Shares of OPENLANE, Inc. $KAR

Key Points

• Sunriver Management LLC reduced its stake in OPENLANE, Inc. by 15.1% in the first quarter, holding approximately 2.26 million shares worth $43.6 million.
• OPENLANE reported earnings of $0.33 per share, surpassing analysts' expectations, with revenue increasing 11.6% year-over-year to $481.7 million.
• Brokerage firms have updated their price targets for OPENLANE, with Barrington Research raising it to $30.00 and maintaining an "outperform" rating.

Sunriver Management LLC reduced its holdings in OPENLANE, Inc. (NYSE:KAR - Free Report) by 15.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,263,449 shares of the specialty retailer's stock after selling 401,605 shares during the quarter. OPENLANE makes up 5.4% of Sunriver Management LLC's portfolio, making the stock its 8th biggest holding. Sunriver Management LLC owned approximately 2.11% of OPENLANE worth $43,639,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board purchased a new stake in shares of OPENLANE in the fourth quarter worth about $34,000. Quarry LP raised its position 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 period. FSC Wealth Advisors LLC acquired a new stake in shares of OPENLANE during the 1st quarter worth approximately $51,000. 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 worth $63,000 after purchasing an additional 735 shares during the period. Finally, Johnson Financial Group Inc. acquired a new stake in shares of OPENLANE during the 4th quarter worth approximately $68,000. 99.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at OPENLANE

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 completion of the sale, the executive vice president directly owned 53,474 shares of the company's stock, valued at $1,495,667.78. This trade represents a 52.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP James P. Coyle sold 194,575 shares of the firm'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 sale, the executive vice president directly owned 36,851 shares of the company's stock, valued at approximately $1,029,616.94. This represents a 84.08% 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.

Wall Street Analysts Forecast Growth

KAR has been the topic of a number of research reports. Wall Street Zen upgraded OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Barrington Research increased their price target 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 price target 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. raised their target price on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.50.

OPENLANE Stock Down 0.1%

NYSE KAR traded down $0.03 on Friday, reaching $28.88. 185,443 shares of the stock traded hands, compared to its average volume of 829,986. The firm's fifty day simple moving average is $25.97 and its 200 day simple moving average is $22.58. The company has a market cap of $3.07 billion, a price-to-earnings ratio of 39.03, a P/E/G ratio of 2.78 and a beta of 1.40. OPENLANE, Inc. has a 12 month low of $15.44 and a 12 month high of $29.37.

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, beating analysts' consensus estimates of $0.24 by $0.09. The firm had revenue of $481.70 million during 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 firm's quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the company posted $0.19 EPS. As a group, equities research analysts forecast that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

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.