OPENLANE, Inc. $KAR Stock Holdings Boosted by Invesco Ltd.

Key Points

• Invesco Ltd. increased its holdings in OPENLANE, Inc. by 32.6%, amounting to approximately 1.07% of the company, valued at $22.1 million.
• The stock had a 12-month price range with a low of $15.44 and a high of $29.13, and opened at $27.94 on recent trading.
• OPENLANE reported earnings of $0.33 per share, exceeding analyst expectations, with significant revenue growth of 11.6% year-over-year.

Invesco Ltd. boosted its position in OPENLANE, Inc. (NYSE:KAR - Free Report) by 32.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,148,034 shares of the specialty retailer's stock after buying an additional 282,021 shares during the quarter. Invesco Ltd. owned approximately 1.07% of OPENLANE worth $22,134,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of KAR. Brown Advisory Inc. bought a new stake in OPENLANE in the fourth quarter valued at about $43,941,000. Nuveen Asset Management LLC increased its holdings in OPENLANE by 148.1% in the fourth quarter. Nuveen Asset Management LLC now owns 805,461 shares of the specialty retailer's stock valued at $15,980,000 after buying an additional 480,804 shares during the last quarter. Raymond James Financial Inc. bought a new stake in OPENLANE in the fourth quarter valued at about $5,822,000. Bastion Asset Management Inc. bought a new stake in OPENLANE in the fourth quarter valued at about $3,891,000. Finally, Marshall Wace LLP increased its holdings in OPENLANE by 1,130.4% in the fourth quarter. Marshall Wace LLP now owns 184,558 shares of the specialty retailer's stock valued at $3,662,000 after buying an additional 169,558 shares during the last quarter. 99.76% of the stock is owned by institutional investors.

OPENLANE Price Performance

Shares of NYSE KAR traded up $0.12 during midday trading on Tuesday, hitting $29.15. 378,051 shares of the company's stock were exchanged, compared to its average volume of 955,211. The stock's 50 day moving average price is $25.70 and its 200-day moving average price is $22.48. The firm has a market cap of $3.10 billion, a P/E ratio of 39.39, a PEG ratio of 2.78 and a beta of 1.40. OPENLANE, Inc. has a twelve month low of $15.44 and a twelve month high of $29.37.

OPENLANE (NYSE:KAR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.09. The business had revenue of $481.70 million during the quarter, compared to the consensus estimate of $453.26 million. OPENLANE had a return on equity of 11.65% and a net margin of 8.18%.The business's revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.19 earnings per share. On average, analysts expect that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

KAR has been the subject of a number of research reports. Bank of America lifted their target price on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Wall Street Zen upgraded OPENLANE from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. JPMorgan Chase & Co. lifted their target price on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Finally, Barrington Research lifted their target price on OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a research note on Wednesday, August 6th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, OPENLANE has a consensus rating of "Moderate Buy" and an average price target of $26.50.

Insider Activity at OPENLANE

In other news, EVP Charles S. Coleman sold 59,289 shares of the business's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 53,474 shares in the company, valued at approximately $1,495,667.78. The trade was a 52.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP James P. Coyle sold 194,575 shares of the business's stock in a transaction that occurred 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 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. Insiders own 2.32% of the company's stock.

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.