SG Americas Securities LLC Buys Shares of 24,872 OPENLANE, Inc. (NYSE:KAR)

SG Americas Securities LLC bought a new position in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 24,872 shares of the specialty retailer's stock, valued at approximately $480,000.

A number of other large investors also recently modified their holdings of the company. Burgundy Asset Management Ltd. raised its stake in shares of OPENLANE by 1.7% in the fourth quarter. Burgundy Asset Management Ltd. now owns 9,278,497 shares of the specialty retailer's stock valued at $184,085,000 after acquiring an additional 153,975 shares during the period. Brown Advisory Inc. purchased a new position in OPENLANE during the 4th quarter worth $43,941,000. William Blair Investment Management LLC boosted its holdings in OPENLANE by 2.4% in the fourth quarter. William Blair Investment Management LLC now owns 1,493,988 shares of the specialty retailer's stock worth $29,641,000 after acquiring an additional 35,164 shares in the last quarter. Northern Trust Corp boosted its holdings in OPENLANE by 3.5% in the fourth quarter. Northern Trust Corp now owns 1,366,918 shares of the specialty retailer's stock worth $27,120,000 after acquiring an additional 46,041 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of OPENLANE by 14.5% during the fourth quarter. Bank of New York Mellon Corp now owns 884,553 shares of the specialty retailer's stock worth $17,550,000 after acquiring an additional 111,798 shares during the last quarter. Hedge funds and other institutional investors own 99.76% of the company's stock.

Wall Street Analysts Forecast Growth

KAR has been the topic of several research analyst reports. JPMorgan Chase & Co. downgraded shares of OPENLANE from an "overweight" rating to a "neutral" rating and dropped their target price for the stock from $23.00 to $20.00 in a research report on Thursday, March 27th. Bank of America lifted their price objective on shares of OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Stephens raised OPENLANE from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $20.00 to $26.00 in a research report on Friday, February 28th. 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 stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $24.00.

OPENLANE Price Performance

KAR stock traded up $0.29 during trading on Tuesday, hitting $22.90. 471,430 shares of the company traded hands, compared to its average volume of 726,622. OPENLANE, Inc. has a 1 year low of $15.44 and a 1 year high of $24.42. The company has a market cap of $2.46 billion, a PE ratio of 34.69, a P/E/G ratio of 2.90 and a beta of 1.40. The stock's 50-day simple moving average is $21.43 and its 200 day simple moving average is $20.70.

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

Insider Buying and Selling at OPENLANE

In related news, EVP James P. Coyle sold 7,000 shares of the business's stock in a transaction on Friday, May 9th. The shares were 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 of the company's stock, valued at approximately $793,018.92. The trade was a 16.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.32% of the stock is owned by corporate insiders.

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.