Graham Capital Management L.P. Acquires New Position in OPENLANE, Inc. (NYSE:KAR)

Graham Capital Management L.P. acquired a new stake in shares of OPENLANE, Inc. (NYSE:KAR) during the fourth quarter, Holdings Channel.com reports. The fund acquired 21,812 shares of the specialty retailer’s stock, valued at approximately $433,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in KAR. Canada Pension Plan Investment Board purchased a new position in OPENLANE during the fourth quarter valued at approximately $34,000. Quarry LP grew its position in OPENLANE by 414.6% during the fourth quarter. Quarry LP now owns 2,182 shares of the specialty retailer’s stock valued at $43,000 after purchasing an additional 1,758 shares in the last quarter. Smartleaf Asset Management LLC grew its position in OPENLANE by 435.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer’s stock valued at $51,000 after purchasing an additional 2,062 shares in the last quarter. Johnson Financial Group Inc. purchased a new position in OPENLANE during the fourth quarter valued at approximately $68,000. Finally, KBC Group NV grew its position in OPENLANE by 51.1% during the fourth quarter. KBC Group NV now owns 5,314 shares of the specialty retailer’s stock valued at $105,000 after purchasing an additional 1,798 shares in the last quarter. 99.76% of the stock is owned by hedge funds and other institutional investors.

OPENLANE Trading Down 0.1%

Shares of OPENLANE stock opened at $22.28 on Friday. The firm has a fifty day simple moving average of $19.66 and a 200-day simple moving average of $20.00. OPENLANE, Inc. has a 1-year low of $15.44 and a 1-year high of $22.86. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of 42.03, a PEG ratio of 1.85 and a beta of 1.32.

OPENLANE (NYSE:KAR) last issued its quarterly earnings data on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share for the quarter, topping 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 business had revenue of $460.10 million during the quarter, compared to analysts’ expectations of $445.70 million. During the same period in the previous year, the company earned $0.19 earnings per share. OPENLANE’s revenue for the quarter was up 7.0% on a year-over-year basis. As a group, research analysts predict that OPENLANE, Inc. will post 0.95 earnings per share for the current year.

Insider Transactions at OPENLANE

In other news, EVP James P. Coyle sold 7,000 shares of the business’s stock in a transaction on Friday, May 9th. The shares were sold at an average price of $21.72, for a total value of $152,040.00. Following the completion of the sale, the executive vice president now directly owns 36,511 shares in the company, valued at approximately $793,018.92. The trade was a 16.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.51% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

KAR has been the subject of several recent research reports. Barrington Research reissued an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a research report on Friday, February 21st. JPMorgan Chase & Co. downgraded shares of OPENLANE from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $23.00 to $20.00 in a research report on Thursday, March 27th. Stephens raised shares of OPENLANE from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $20.00 to $26.00 in a research report on Friday, February 28th. Finally, StockNews.com raised shares of OPENLANE from a “hold” rating to a “buy” rating in a research report on Friday, May 9th.

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.