Openlane (NYSE:OPLN) Sees Significant Growth in Short Interest

Openlane (NYSE:OPLN) was the target of a significant growth in short interest during the month of June. As of June 30th, there was short interest totaling 2,536,608 shares, a growth of 90.6% from the June 15th total of 1,331,015 shares. Based on an average daily volume of 1,541,302 shares, the days-to-cover ratio is currently 1.6 days. Approximately 2.4% of the company’s stock are short sold.

Openlane Trading Down 1.2%

Shares of OPLN stock traded down $0.50 during trading hours on Thursday, hitting $40.66. The company’s stock had a trading volume of 1,145,943 shares, compared to its average volume of 955,823. The stock has a 50 day simple moving average of $38.12. The stock has a market cap of $4.31 billion, a PE ratio of -39.86, a PEG ratio of 2.39 and a beta of 1.26. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.16 and a current ratio of 1.16. Openlane has a 12-month low of $24.10 and a 12-month high of $42.90.

Openlane (NYSE:OPLN) last issued its earnings results on Tuesday, May 5th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.03. The firm had revenue of $527.90 million during the quarter. Openlane had a net margin of 9.47% and a return on equity of 13.00%. The company’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period last year, the business earned $0.31 EPS. Openlane has set its FY 2026 guidance at 1.280-1.420 EPS. As a group, analysts anticipate that Openlane will post 1.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP James P. Coyle sold 15,000 shares of Openlane stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $35.77, for a total value of $536,550.00. Following the completion of the sale, the executive vice president directly owned 58,512 shares in the company, valued at $2,092,974.24. This trade represents a 20.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider William Clyde Mitchell sold 6,500 shares of Openlane stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $36.04, for a total transaction of $234,260.00. Following the completion of the sale, the insider owned 15,914 shares of the company’s stock, valued at $573,540.56. This trade represents a 29.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 111,972 shares of company stock valued at $4,018,932. Company insiders own 2.22% of the company’s stock.

Hedge Funds Weigh In On Openlane

A number of institutional investors have recently modified their holdings of OPLN. Salomon & Ludwin LLC acquired a new position in shares of Openlane in the 4th quarter valued at about $26,000. First Horizon Corp purchased a new stake in shares of Openlane in the fourth quarter worth about $27,000. Allworth Financial LP acquired a new stake in Openlane during the fourth quarter worth about $38,000. Nomura Asset Management Co. Ltd. acquired a new stake in Openlane during the fourth quarter worth about $39,000. Finally, Fifth Third Bancorp purchased a new position in Openlane during the fourth quarter valued at approximately $40,000. Hedge funds and other institutional investors own 99.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on OPLN shares. Stephens reaffirmed an “overweight” rating and issued a $42.00 price target on shares of Openlane in a report on Thursday, June 11th. JPMorgan Chase & Co. raised Openlane from a “neutral” rating to an “overweight” rating and upped their target price for the company from $33.00 to $38.00 in a research report on Wednesday, May 27th. Wall Street Zen raised Openlane from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Zacks Research upgraded Openlane from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 9th. Finally, Barclays increased their price objective on Openlane from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $40.67.

Openlane Company Profile

Openlane, Inc operates a digital wholesale vehicle marketplace that facilitates the remarketing of used vehicles for commercial consignors and retail dealers. The company provides an online auction platform that enables buyers and sellers to transact in real time, connecting franchised and independent dealers, fleet operators, rental companies, manufacturers and financial institutions. Its marketplace focuses on vehicles from lease returns, fleet and commercial fleets, repossessions and dealer trade-ins.

In addition to the core auction and listing services, Openlane offers a suite of remarketing support services designed to simplify the end-to-end sale process.