XTX Topco Ltd Buys 51,842 Shares of OPENLANE, Inc. (NYSE:KAR)

Key Points

• XTX Topco Ltd significantly increased its position in OPENLANE, Inc. by 224.0%, owning 74,984 shares valued at approximately $1.45 million as of the latest SEC filing.
• OPENLANE's stock has received upgrades from analysts, including a move from "hold" to "buy" by Wall Street Zen, and a price target increase from $22.00 to $25.00 by Bank of America.
• OPENLANE has reported a quarterly earnings per share (EPS) of $0.31, surpassing analyst expectations, with revenue of $460.10 million, up 7% from the previous year.

XTX Topco Ltd raised its holdings in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 224.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,984 shares of the specialty retailer's stock after purchasing an additional 51,842 shares during the quarter. XTX Topco Ltd owned approximately 0.07% of OPENLANE worth $1,446,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Principal Financial Group Inc. increased its position in shares of OPENLANE by 2.7% in the first quarter. Principal Financial Group Inc. now owns 531,985 shares of the specialty retailer's stock worth $10,257,000 after purchasing an additional 13,817 shares during the period. Neo Ivy Capital Management bought a new position in shares of OPENLANE in the first quarter worth $936,000. Cerity Partners LLC bought a new position in shares of OPENLANE in the first quarter worth $531,000. GSA Capital Partners LLP bought a new position in shares of OPENLANE in the first quarter worth $1,331,000. Finally, GAMMA Investing LLC increased its position in shares of OPENLANE by 1,949.2% in the first quarter. GAMMA Investing LLC now owns 43,033 shares of the specialty retailer's stock worth $830,000 after purchasing an additional 40,933 shares during the period. Institutional investors and hedge funds own 99.76% of the company's stock.

OPENLANE Stock Performance

Shares of NYSE:KAR traded down $0.30 during midday trading on Friday, hitting $24.34. 712,229 shares of the stock were exchanged, compared to its average volume of 887,205. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of 36.88, a P/E/G ratio of 2.72 and a beta of 1.40. The business's 50-day moving average price is $24.05 and its 200 day moving average price is $21.59. OPENLANE, Inc. has a 12 month low of $15.44 and a 12 month high of $26.03.

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

Insider Activity at OPENLANE

In other OPENLANE news, EVP James P. Coyle sold 7,000 shares of the business's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 36,511 shares of the company's stock, valued at approximately $793,018.92. The trade was a 16.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.51% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

KAR has been the topic of a number of recent analyst reports. Wall Street Zen upgraded OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Bank of America lifted their target price on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.00.

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.