OPENLANE, Inc. (NYSE:KAR) Shares Sold by Bank of America Corp DE

Bank of America Corp DE trimmed its holdings in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 86.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 59,244 shares of the specialty retailer's stock after selling 378,302 shares during the quarter. Bank of America Corp DE owned 0.06% of OPENLANE worth $1,175,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board bought a new position in OPENLANE during the fourth quarter worth $34,000. Quarry LP lifted 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 valued at $43,000 after acquiring an additional 1,758 shares during the period. Smartleaf Asset Management LLC lifted its position in OPENLANE by 435.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer's stock worth $51,000 after purchasing an additional 2,062 shares during the period. Johnson Financial Group Inc. bought a new stake in OPENLANE during the fourth quarter worth $68,000. Finally, KBC Group NV lifted its position in shares of OPENLANE by 51.1% during the 4th quarter. KBC Group NV now owns 5,314 shares of the specialty retailer's stock worth $105,000 after buying an additional 1,798 shares during the last quarter. Institutional investors own 99.76% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other OPENLANE news, EVP James P. Coyle sold 7,000 shares of the company's 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 directly owns 36,511 shares in the company, valued at approximately $793,018.92. This represents a 16.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.51% of the company's stock.

OPENLANE Stock Performance

NYSE:KAR traded up $0.01 during midday trading on Friday, reaching $23.70. 660,626 shares of the stock traded hands, compared to its average volume of 730,033. The stock has a market capitalization of $2.54 billion, a P/E ratio of 44.71, a PEG ratio of 1.85 and a beta of 1.40. The company has a fifty day moving average of $20.37 and a 200 day moving average of $20.45. OPENLANE, Inc. has a 12 month low of $15.44 and a 12 month high of $24.09.

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, beating analysts' consensus estimates of $0.24 by $0.07. The company had revenue of $460.10 million during the quarter, compared to analyst estimates of $445.70 million. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The firm's revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter last year, the company earned $0.19 EPS. On average, analysts predict 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.