Versor Investments LP Acquires Shares of 28,102 OPENLANE, Inc. $KAR

Versor Investments LP acquired a new stake in OPENLANE, Inc. (NYSE:KAR) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 28,102 shares of the specialty retailer’s stock, valued at approximately $687,000.

A number of other institutional investors also recently added to or reduced their stakes in KAR. Nuveen LLC purchased a new stake in OPENLANE in the 1st quarter valued at approximately $14,725,000. Burgundy Asset Management Ltd. boosted its holdings in OPENLANE by 7.0% in the 1st quarter. Burgundy Asset Management Ltd. now owns 9,925,661 shares of the specialty retailer’s stock valued at $191,367,000 after purchasing an additional 647,164 shares in the last quarter. Hawk Ridge Capital Management LP boosted its holdings in OPENLANE by 11.2% in the 1st quarter. Hawk Ridge Capital Management LP now owns 4,577,285 shares of the specialty retailer’s stock valued at $88,250,000 after purchasing an additional 461,976 shares in the last quarter. Public Sector Pension Investment Board lifted its position in shares of OPENLANE by 137.1% during the 1st quarter. Public Sector Pension Investment Board now owns 631,165 shares of the specialty retailer’s stock valued at $12,169,000 after acquiring an additional 364,986 shares during the period. Finally, Brown Advisory Inc. boosted its stake in shares of OPENLANE by 14.6% during the 1st quarter. Brown Advisory Inc. now owns 2,538,477 shares of the specialty retailer’s stock worth $48,942,000 after acquiring an additional 323,696 shares in the last quarter. Hedge funds and other institutional investors own 99.76% of the company’s stock.

OPENLANE Price Performance

Shares of OPENLANE stock opened at $26.59 on Tuesday. OPENLANE, Inc. has a 1 year low of $15.83 and a 1 year high of $30.93. The company has a market capitalization of $2.83 billion, a P/E ratio of 35.93, a P/E/G ratio of 1.81 and a beta of 1.33. The business has a 50 day moving average price of $27.91 and a 200 day moving average price of $25.16.

OPENLANE (NYSE:KAR) last issued its quarterly earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.09. The company had revenue of $481.70 million during the quarter, compared to the consensus estimate of $453.26 million. OPENLANE had a return on equity of 11.65% and a net margin of 8.18%.OPENLANE’s revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.19 EPS. As a group, research analysts expect that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Charles S. Coleman sold 59,289 shares of the company’s stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $27.97, for a total transaction of $1,658,313.33. Following the completion of the sale, the executive vice president directly owned 53,474 shares of the company’s stock, valued at approximately $1,495,667.78. This represents a 52.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP James P. Coyle sold 194,575 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $1,029,616.94. This trade represents a 84.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.51% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Stephens lifted their price objective on OPENLANE from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, September 10th. JPMorgan Chase & Co. lifted their price target on OPENLANE from $25.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Zacks Research cut shares of OPENLANE from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Barrington Research raised their target price on shares of OPENLANE from $25.00 to $30.00 and gave the company an “outperform” rating in a report on Wednesday, August 6th. Finally, Weiss Ratings downgraded shares of OPENLANE from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $29.50.

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.