GAMMA Investing LLC Acquires 40,933 Shares of OPENLANE, Inc. (NYSE:KAR)

GAMMA Investing LLC grew its stake in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 1,949.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,033 shares of the specialty retailer's stock after purchasing an additional 40,933 shares during the quarter. GAMMA Investing LLC's holdings in OPENLANE were worth $830,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Bank of Montreal Can lifted its stake 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 worth $263,000 after purchasing an additional 1,161 shares in the last quarter. Two Sigma Investments LP lifted its stake in shares of OPENLANE by 1.1% during the fourth quarter. Two Sigma Investments LP now owns 126,451 shares of the specialty retailer's stock worth $2,509,000 after purchasing an additional 1,339 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of OPENLANE during the fourth quarter worth about $34,000. Quarry LP lifted its stake in shares of OPENLANE by 414.6% during the fourth quarter. Quarry LP now owns 2,182 shares of the specialty retailer's stock worth $43,000 after purchasing an additional 1,758 shares in the last quarter. Finally, Pictet Asset Management Holding SA lifted its stake in shares of OPENLANE by 15.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 13,092 shares of the specialty retailer's stock worth $260,000 after purchasing an additional 1,765 shares in the last quarter. Institutional investors and hedge funds own 99.76% of the company's stock.

OPENLANE Stock Performance

Shares of NYSE:KAR traded up $0.16 during trading on Friday, hitting $22.27. The company's stock had a trading volume of 871,580 shares, compared to its average volume of 727,837. OPENLANE, Inc. has a fifty-two week low of $15.44 and a fifty-two week high of $24.42. The stock's 50-day moving average price is $21.27 and its two-hundred day moving average price is $20.66. The company has a market capitalization of $2.39 billion, a PE ratio of 33.74, a PEG ratio of 2.86 and a beta of 1.40.

OPENLANE (NYSE:KAR - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 EPS for the quarter, topping the consensus estimate of $0.24 by $0.07. OPENLANE had a return on equity of 10.38% and a net margin of 7.15%. The business had revenue of $460.10 million for the quarter, compared to analysts' expectations of $445.70 million. During the same quarter in the previous year, the firm posted $0.19 earnings per share. The company's revenue was up 7.0% compared to the same quarter last year. On average, equities analysts predict that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on KAR. Stephens upgraded OPENLANE from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $20.00 to $26.00 in a research note on Friday, February 28th. Barrington Research reiterated an "outperform" rating and issued a $25.00 price target on shares of OPENLANE in a research note on Friday, February 21st. JPMorgan Chase & Co. cut OPENLANE from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $23.00 to $20.00 in a research note on Thursday, March 27th. Bank of America boosted their price target on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Finally, Wall Street Zen upgraded OPENLANE from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, OPENLANE currently has an average rating of "Moderate Buy" and a consensus target price of $24.00.

Insider Buying and Selling

In other news, EVP James P. Coyle sold 7,000 shares of the stock in a transaction on Friday, May 9th. The stock was sold at an average price of $21.72, for a total value of $152,040.00. Following the completion of the sale, the executive vice president now owns 36,511 shares in the company, valued at $793,018.92. This represents a 16.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.51% of the company's stock.

About OPENLANE

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.