Peregrine Capital Management LLC Reduces Stake in OPENLANE, Inc. (NYSE:KAR)

Peregrine Capital Management LLC cut its position in OPENLANE, Inc. (NYSE:KAR - Free Report) by 14.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 345,946 shares of the specialty retailer's stock after selling 60,527 shares during the period. Peregrine Capital Management LLC owned 0.32% of OPENLANE worth $5,123,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. State of Wyoming boosted its stake in shares of OPENLANE by 25.0% in the second quarter. State of Wyoming now owns 4,649 shares of the specialty retailer's stock worth $71,000 after acquiring an additional 931 shares during the last quarter. Lazard Asset Management LLC lifted its position in OPENLANE by 14.3% during the third quarter. Lazard Asset Management LLC now owns 7,816 shares of the specialty retailer's stock worth $116,000 after buying an additional 975 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in OPENLANE by 51.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,443 shares of the specialty retailer's stock worth $51,000 after buying an additional 1,171 shares in the last quarter. Royal Bank of Canada lifted its position in OPENLANE by 165.8% during the third quarter. Royal Bank of Canada now owns 2,703 shares of the specialty retailer's stock worth $30,000 after buying an additional 1,686 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in OPENLANE by 144.6% during the first quarter. Tower Research Capital LLC TRC now owns 2,872 shares of the specialty retailer's stock worth $39,000 after buying an additional 1,698 shares in the last quarter. 99.76% of the stock is owned by institutional investors and hedge funds.

OPENLANE Trading Up 1.7 %

NYSE:KAR traded up $0.30 on Thursday, reaching $17.56. The company's stock had a trading volume of 841,290 shares, compared to its average volume of 716,996. OPENLANE, Inc. has a 12-month low of $12.86 and a 12-month high of $17.70. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.15. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of -9.60, a price-to-earnings-growth ratio of 0.93 and a beta of 1.45. The stock has a 50 day moving average price of $15.77 and a 200 day moving average price of $14.95.

OPENLANE (NYSE:KAR - Get Free Report) last posted its earnings results on Tuesday, February 20th. The specialty retailer reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.13 by $0.03. OPENLANE had a positive return on equity of 7.49% and a negative net margin of 9.37%. The company had revenue of $391.30 million for the quarter, compared to the consensus estimate of $392.56 million. During the same quarter in the previous year, the business earned $0.33 earnings per share. The company's revenue for the quarter was up 5.0% on a year-over-year basis. On average, equities analysts anticipate that OPENLANE, Inc. will post 0.83 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently commented on KAR shares. Bank of America upgraded OPENLANE from an "underperform" rating to a "neutral" rating and lifted their price objective for the stock from $16.00 to $20.00 in a research report on Wednesday. Barrington Research reiterated an "outperform" rating and set a $25.00 price objective on shares of OPENLANE in a research report on Wednesday, February 21st. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $19.50.

Insider Buying and Selling at OPENLANE

In related news, insider James E. Money II sold 14,822 shares of the business's stock in a transaction on Monday, March 11th. The stock was sold at an average price of $15.83, for a total value of $234,632.26. Following the sale, the insider now owns 44,604 shares in the company, valued at approximately $706,081.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider James E. Money II sold 14,822 shares of the business's stock in a transaction on Monday, March 11th. The stock was sold at an average price of $15.83, for a total value of $234,632.26. Following the sale, the insider now owns 44,604 shares in the company, valued at approximately $706,081.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Peter J. Kelly acquired 10,000 shares of the business's stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average price of $14.87 per share, for a total transaction of $148,700.00. Following the acquisition, the chief executive officer now directly owns 323,355 shares in the company, valued at approximately $4,808,288.85. The disclosure for this purchase can be found here. Company insiders own 2.74% of the company's stock.

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.