OPENLANE, Inc. $KAR Stock Holdings Increased 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. Wells Fargo & Company MN increased its holdings in OPENLANE by 26.8% in the fourth quarter. Wells Fargo & Company MN now owns 64,040 shares of the specialty retailer's stock valued at $1,271,000 after buying an additional 13,551 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in OPENLANE by 6.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 63,970 shares of the specialty retailer's stock valued at $1,269,000 after buying an additional 3,799 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of OPENLANE by 9.6% during the fourth quarter. Bank of Montreal Can now owns 13,268 shares of the specialty retailer's stock valued at $263,000 after purchasing an additional 1,161 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of OPENLANE during the 4th quarter worth approximately $5,822,000. Finally, Barclays PLC raised its position in shares of OPENLANE by 5.7% during the 4th quarter. Barclays PLC now owns 189,117 shares of the specialty retailer's stock worth $3,753,000 after purchasing an additional 10,153 shares during the period. 99.76% of the stock is owned by institutional investors.

OPENLANE Price Performance

Shares of KAR stock opened at $27.9470 on Thursday. OPENLANE, Inc. has a 12-month low of $15.44 and a 12-month high of $29.13. The firm has a market capitalization of $2.97 billion, a price-to-earnings ratio of 37.77, a price-to-earnings-growth ratio of 2.69 and a beta of 1.40. The business has a 50 day simple moving average of $25.21 and a 200 day simple moving average of $22.23.

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 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 business had revenue of $481.70 million during the quarter, compared to analyst estimates of $453.26 million. During the same period in the prior year, the company posted $0.19 EPS. The business's revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities analysts anticipate that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

KAR has been the topic of a number of research reports. JPMorgan Chase & Co. increased their price target on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Wall Street Zen upgraded OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. 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, 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. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, OPENLANE currently has a consensus rating of "Moderate Buy" and an average price target of $26.50.

Insider Transactions at OPENLANE

In related news, 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 directly owned 53,474 shares in the company, valued at $1,495,667.78. The trade was 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 available through the SEC website. Also, EVP James P. Coyle sold 194,575 shares of OPENLANE stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $27.94, for a total transaction of $5,436,425.50. Following the sale, the executive vice president owned 36,851 shares in the company, 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. 1.51% of the stock is owned by insiders.

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.

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