Openlane (NYSE:OPLN) Director Sells $281,840.00 in Stock

Key Points

• Openlane Director Michael Kestner sold 8,000 shares for $281,840 at an average price of $35.23, reducing his holdings by 73.25% to 2,922 shares.
• Quarterly results beat expectations: EPS was $0.43 versus the $0.39 consensus, while revenue rose 12.6% year over year to $561.2 million.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $43.83; the shares recently traded around $35.

Openlane (NYSE:OPLN - Get Free Report) Director Michael Kestner sold 8,000 shares of Openlane stock in a transaction dated Wednesday, November 11th. The shares were sold at an average price of $35.23, for a total value of $281,840.00. Following the completion of the transaction, the director owned 2,922 shares in the company, valued at approximately $102,942.06. This represents a 73.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Openlane Price Performance

Shares of OPLN traded down $0.03 during mid-day trading on Thursday, reaching $35.01. The company had a trading volume of 69,220 shares, compared to its average volume of 1,047,328. The company has a market capitalization of $4.25 billion, a price-to-earnings ratio of -47.32, a P/E/G ratio of 1.57 and a beta of 1.35. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.16. The company's 50 day simple moving average is $35.95 and its 200 day simple moving average is $34.37. Openlane has a 1-year low of $24.32 and a 1-year high of $42.90.

Openlane (NYSE:OPLN - Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.39 by $0.04. Openlane had a net margin of 9.23% and a return on equity of 12.74%. The business had revenue of $561.20 million during the quarter. The company's revenue for the quarter was up 12.6% on a year-over-year basis. Analysts expect that Openlane will post 1.49 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in shares of Openlane in the 2nd quarter valued at about $660,070,000. Hawk Ridge Capital Management LP increased its stake in shares of Openlane by 72.5% in the first quarter. Hawk Ridge Capital Management LP now owns 4,967,144 shares of the company's stock valued at $144,792,000 after buying an additional 2,087,200 shares during the period. Park West Asset Management LLC bought a new position in shares of Openlane during the second quarter worth about $46,368,000. Sunriver Management LLC raised its holdings in Openlane by 1.3% during the 1st quarter. Sunriver Management LLC now owns 1,518,196 shares of the company's stock worth $44,255,000 after purchasing an additional 19,634 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Openlane by 7.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,251,247 shares of the company's stock valued at $36,474,000 after buying an additional 86,986 shares during the period. 99.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on OPLN. Zacks Research cut Openlane from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 7th. Northcoast Research set a $50.00 target price on Openlane in a report on Wednesday, August 5th. Barclays increased their target price on Openlane from $46.00 to $49.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Weiss Ratings reissued a "hold (c)" rating on shares of Openlane in a research note on Wednesday, August 26th. Finally, Wall Street Zen lowered Openlane from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $43.83.

Openlane Company Profile

OPENLANE operates a digital marketplace for wholesale used vehicles, connecting vehicle sellers—including dealers, fleet operators, financial institutions and manufacturers—with professional buyers. Its online auction platform supports the buying and selling of vehicles across multiple channels. The company also provides services that support wholesale transactions, such as vehicle condition information, title processing and transportation coordination. OPENLANE serves customers in the United States, Canada and Europe.

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