First Trust Advisors LP Purchases 145,673 Shares of OPENLANE, Inc. (NYSE:KAR)

First Trust Advisors LP grew its position in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 197.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 219,411 shares of the specialty retailer's stock after acquiring an additional 145,673 shares during the quarter. First Trust Advisors LP owned about 0.21% of OPENLANE worth $4,353,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of KAR. Kimelman & Baird LLC purchased a new stake in OPENLANE during the fourth quarter valued at $15,793,000. Advisory Research Inc. purchased a new stake in shares of OPENLANE during the 4th quarter valued at about $9,761,000. Norges Bank purchased a new position in OPENLANE in the fourth quarter worth about $7,007,000. Raymond James Financial Inc. bought a new stake in OPENLANE during the fourth quarter worth approximately $5,822,000. Finally, Hillsdale Investment Management Inc. purchased a new stake in OPENLANE during the fourth quarter valued at approximately $4,115,000. 99.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

KAR has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut 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 report on Thursday, March 27th. Barrington Research reiterated an "outperform" rating and set a $25.00 price objective on shares of OPENLANE in a research report on Friday, February 21st. StockNews.com lowered shares of OPENLANE from a "buy" rating to a "hold" rating in a report on Friday, March 28th. Finally, Stephens upgraded shares of OPENLANE from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $20.00 to $26.00 in a report on Friday, February 28th.

OPENLANE Stock Performance

KAR stock traded down $0.14 during midday trading on Wednesday, reaching $19.20. The company's stock had a trading volume of 1,623,449 shares, compared to its average volume of 716,283. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of 36.23, a PEG ratio of 1.85 and a beta of 1.32. OPENLANE, Inc. has a 1 year low of $15.44 and a 1 year high of $22.47. The stock has a fifty day simple moving average of $19.55 and a two-hundred day simple moving average of $19.71.

OPENLANE (NYSE:KAR - Get Free Report) last announced 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. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. The firm's revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter last year, the business posted $0.19 earnings per share. As a group, analysts forecast that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

OPENLANE 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.