Millennium Management LLC Trims Stock Position in OPENLANE, Inc. (NYSE:KAR)

Millennium Management LLC cut its holdings in OPENLANE, Inc. (NYSE:KAR - Free Report) by 75.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 178,248 shares of the specialty retailer's stock after selling 550,709 shares during the period. Millennium Management LLC owned 0.17% of OPENLANE worth $3,536,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Raymond James Financial Inc. bought a new position in OPENLANE during the fourth quarter valued at approximately $5,822,000. Hillsdale Investment Management Inc. purchased a new stake in shares of OPENLANE during the 4th quarter worth approximately $4,115,000. Versor Investments LP purchased a new stake in shares of OPENLANE during the 4th quarter worth approximately $254,000. JPMorgan Chase & Co. raised its holdings in shares of OPENLANE by 119.4% during the 4th quarter. JPMorgan Chase & Co. now owns 306,038 shares of the specialty retailer's stock worth $6,072,000 after acquiring an additional 166,536 shares in the last quarter. Finally, Barclays PLC raised its holdings in shares of OPENLANE by 344.7% during the 3rd quarter. Barclays PLC now owns 178,964 shares of the specialty retailer's stock worth $3,022,000 after acquiring an additional 138,720 shares in the last quarter. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Barrington Research reaffirmed an "outperform" rating and set a $25.00 price objective on shares of OPENLANE in a report on Friday, February 21st. Stephens raised OPENLANE from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $20.00 to $26.00 in a report on Friday, February 28th. Wall Street Zen upgraded OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Finally, JPMorgan Chase & Co. lowered shares of OPENLANE from an "overweight" rating to a "neutral" rating and dropped their price objective for the stock from $23.00 to $20.00 in a research note on Thursday, March 27th.

Insider Buying and Selling

In related news, EVP James P. Coyle sold 7,000 shares of the stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $21.72, for a total value of $152,040.00. Following the sale, the executive vice president now directly owns 36,511 shares of the company's stock, valued at $793,018.92. This represents a 16.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.51% of the stock is currently owned by corporate insiders.

OPENLANE Stock Down 0.7%

OPENLANE stock traded down $0.16 during midday trading on Monday, reaching $22.78. The stock had a trading volume of 697,074 shares, compared to its average volume of 729,694. OPENLANE, Inc. has a 52-week low of $15.44 and a 52-week high of $23.00. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of 42.97, a price-to-earnings-growth ratio of 1.85 and a beta of 1.32. The company has a fifty day moving average of $20.00 and a 200 day moving average of $20.33.

OPENLANE (NYSE:KAR - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.07. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. The company had revenue of $460.10 million for the quarter, compared to analyst estimates of $445.70 million. During the same period in the prior year, the company posted $0.19 EPS. The firm's revenue for the quarter was up 7.0% on a year-over-year basis. Equities research analysts predict that OPENLANE, Inc. will post 0.95 EPS for the current year.

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.