James P. Coyle Sells 194,575 Shares of OPENLANE, Inc. (NYSE:KAR) Stock

Key Points

• OPENLANE, Inc. EVP James P. Coyle sold 194,575 shares of stock at an average price of $27.94, resulting in a total transaction of $5,436,425.50 and an 84.08% decrease in his ownership of the company's stock.
• The company reported $0.33 EPS for the quarter, exceeding the consensus estimate of $0.24, with revenues of $481.70 million, up 11.6% year-over-year.
• Analysts have raised their price targets for OPENLANE, with Barrington Research increasing their target from $25.00 to $30.00 and classifying it as an "outperform."

OPENLANE, Inc. (NYSE:KAR - Get Free Report) EVP James P. Coyle sold 194,575 shares of the firm's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $27.94, for a total transaction of $5,436,425.50. Following the sale, the executive vice president directly owned 36,851 shares in the company, valued at $1,029,616.94. This represents a 84.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

OPENLANE Stock Performance

Shares of KAR traded up $0.39 during midday trading on Tuesday, hitting $28.69. 366,540 shares of the stock traded hands, compared to its average volume of 844,236. OPENLANE, Inc. has a 1-year low of $15.44 and a 1-year high of $29.13. The firm has a market capitalization of $3.05 billion, a PE ratio of 38.78, a price-to-earnings-growth ratio of 2.68 and a beta of 1.40. The business's 50 day moving average price is $24.57 and its two-hundred day moving average price is $21.88.

OPENLANE (NYSE:KAR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.09. The business had revenue of $481.70 million during the quarter, compared to the consensus estimate of $453.26 million. OPENLANE had a net margin of 8.18% and a return on equity of 11.65%. The company's quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.19 earnings per share. As a group, equities research analysts forecast that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of OPENLANE from a "hold" rating to a "buy" rating in a report on Friday, May 9th. JPMorgan Chase & Co. lifted their price objective on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Bank of America lifted their price target on shares of OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Finally, Barrington Research boosted their target price on shares of OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a research note on Wednesday, August 6th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $26.50.

Institutional Investors Weigh In On OPENLANE

Hedge funds and other institutional investors have recently bought and sold shares of the business. Maryland State Retirement & Pension System raised its holdings in OPENLANE by 1.3% during the 2nd quarter. Maryland State Retirement & Pension System now owns 31,558 shares of the specialty retailer's stock worth $772,000 after buying an additional 409 shares during the period. Verdence Capital Advisors LLC raised its holdings in OPENLANE by 2.0% during the 2nd quarter. Verdence Capital Advisors LLC now owns 23,605 shares of the specialty retailer's stock worth $577,000 after buying an additional 455 shares during the period. Bank of Montreal Can increased its holdings in shares of OPENLANE by 2.7% in the 2nd quarter. Bank of Montreal Can now owns 17,845 shares of the specialty retailer's stock valued at $436,000 after purchasing an additional 471 shares during the period. CWM LLC increased its holdings in shares of OPENLANE by 13.3% in the 2nd quarter. CWM LLC now owns 4,756 shares of the specialty retailer's stock valued at $116,000 after purchasing an additional 558 shares during the period. Finally, Yousif Capital Management LLC increased its holdings in shares of OPENLANE by 1.4% in the 2nd quarter. Yousif Capital Management LLC now owns 40,160 shares of the specialty retailer's stock valued at $982,000 after purchasing an additional 567 shares during the period. 99.76% of the stock is currently owned by institutional investors.

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.