Squarepoint Ops LLC Takes Position in OPENLANE, Inc. (NYSE:KAR)

Squarepoint Ops LLC acquired a new position in OPENLANE, Inc. (NYSE:KAR - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 12,513 shares of the specialty retailer's stock, valued at approximately $248,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brown Advisory Inc. purchased a new position in shares of OPENLANE in the fourth quarter worth approximately $43,941,000. William Blair Investment Management LLC boosted its stake in OPENLANE by 2.4% in the 4th quarter. William Blair Investment Management LLC now owns 1,493,988 shares of the specialty retailer's stock worth $29,641,000 after purchasing an additional 35,164 shares during the period. Northern Trust Corp grew its position in OPENLANE by 3.5% during the 4th quarter. Northern Trust Corp now owns 1,366,918 shares of the specialty retailer's stock worth $27,120,000 after purchasing an additional 46,041 shares in the last quarter. Bank of New York Mellon Corp grew its position in OPENLANE by 14.5% during the 4th quarter. Bank of New York Mellon Corp now owns 884,553 shares of the specialty retailer's stock worth $17,550,000 after purchasing an additional 111,798 shares in the last quarter. Finally, Invesco Ltd. raised its stake in OPENLANE by 7.7% during the 4th quarter. Invesco Ltd. now owns 866,013 shares of the specialty retailer's stock valued at $17,182,000 after purchasing an additional 61,762 shares during the period. 99.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on KAR. Stephens upgraded OPENLANE from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $20.00 to $26.00 in a report on Friday, February 28th. JPMorgan Chase & Co. lowered OPENLANE from an "overweight" rating to a "neutral" rating and decreased their price objective for the stock from $23.00 to $20.00 in a research report on Thursday, March 27th. Barrington Research reiterated an "outperform" rating and issued a $25.00 target price on shares of OPENLANE in a report on Friday, February 21st. Finally, Wall Street Zen upgraded shares of OPENLANE from a "hold" rating to a "buy" rating in a report on Friday, May 9th.

Insiders Place Their Bets

In related news, EVP James P. Coyle sold 7,000 shares of the company'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 directly owns 36,511 shares in the company, valued at approximately $793,018.92. This represents a 16.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.51% of the company's stock.

OPENLANE Stock Performance

Shares of NYSE:KAR traded up $0.18 during midday trading on Monday, hitting $23.81. 612,052 shares of the stock were exchanged, compared to its average volume of 730,357. The company has a market capitalization of $2.56 billion, a PE ratio of 44.92, a P/E/G ratio of 1.85 and a beta of 1.40. OPENLANE, Inc. has a 52-week low of $15.44 and a 52-week high of $24.24. The business's fifty day simple moving average is $20.37 and its two-hundred day simple moving average is $20.46.

OPENLANE (NYSE:KAR - Get Free Report) last posted its quarterly earnings results 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. The company had revenue of $460.10 million during the quarter, compared to the consensus estimate of $445.70 million. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The business's quarterly revenue was up 7.0% on a year-over-year basis. During the same period last year, the business earned $0.19 EPS. As a group, equities analysts anticipate that OPENLANE, Inc. will post 0.95 EPS for the current year.

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.