Openlane (NYSE:OPLN) EVP James Coyle Sells 80,755 Shares of Stock

Key Points

• Openlane EVP James Coyle sold 80,755 shares for about $2.84 million, reducing his direct stake by 62.29% to 48,884 shares. The sale was to cover tax withholding on vested equity awards.
• Openlane beat quarterly earnings expectations, reporting $0.43 per share versus a $0.39 consensus estimate; revenue rose 12.6% year over year to $561.2 million.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $43.83; shares recently traded at $34.77.

Openlane (NYSE:OPLN - Get Free Report) EVP James Coyle sold 80,755 shares of the firm's stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $35.21, for a total value of $2,843,383.55. Following the transaction, the executive vice president directly owned 48,884 shares in the company, valued at approximately $1,721,205.64. The trade was a 62.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Openlane Stock Performance

Shares of NYSE OPLN traded up $0.42 during trading hours on Monday, reaching $34.77. The stock had a trading volume of 223,200 shares, compared to its average volume of 1,050,777. The firm has a market cap of $4.22 billion, a price-to-earnings ratio of -46.97, a PEG ratio of 1.53 and a beta of 1.35. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. Openlane has a fifty-two week low of $24.32 and a fifty-two week high of $42.90. The firm has a 50-day moving average of $35.96 and a 200-day moving average of $34.30.

Openlane (NYSE:OPLN - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.39 by $0.04. The company had revenue of $561.20 million for the quarter. Openlane had a return on equity of 12.74% and a net margin of 9.23%. The firm's revenue for the quarter was up 12.6% compared to the same quarter last year. Equities research analysts predict that Openlane will post 1.49 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Versant Capital Management Inc lifted its holdings in shares of Openlane by 94.2% in the second quarter. Versant Capital Management Inc now owns 979 shares of the company's stock valued at $40,000 after purchasing an additional 475 shares in the last quarter. Salomon & Ludwin LLC grew its position in shares of Openlane by 61.3% in the third quarter. Salomon & Ludwin LLC now owns 1,066 shares of the company's stock valued at $36,000 after purchasing an additional 405 shares during the last quarter. Nykredit A S acquired a new stake in shares of Openlane in the second quarter valued at approximately $46,000. Allworth Financial LP acquired a new stake in shares of Openlane in the second quarter valued at approximately $56,000. Finally, Persistent Asset Partners Ltd purchased a new position in shares of Openlane during the 2nd quarter worth approximately $75,000. Hedge funds and other institutional investors own 99.76% of the company's stock.

Analyst Ratings Changes

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

The business was previously known as KAR Global and adopted the OPENLANE name in 2023.

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