Openlane (NYSE:OPLN) Shares Cross Below 200-Day Moving Average – Here’s Why

Openlane (NYSE:OPLN)’s stock price passed below its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $34.30 and traded as low as $34.26. Openlane shares last traded at $34.2970, with a volume of 1,578,369 shares.

Wall Street Analyst Weigh In

OPLN has been the topic of several research reports. Northcoast Research set a $50.00 price objective on shares of Openlane in a research report on Wednesday, August 5th. Zacks Research downgraded shares of Openlane from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. Wall Street Zen lowered shares of Openlane from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Openlane in a research report on Wednesday, August 26th. Finally, Barclays increased their target price on Openlane from $46.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $43.83.

Openlane Trading Down 3.8%

The stock has a market capitalization of $4.16 billion, a P/E ratio of -46.35, a price-to-earnings-growth ratio of 1.54 and a beta of 1.35. The stock’s fifty day moving average price is $35.96 and its two-hundred day moving average price is $34.30. The company has a current ratio of 1.16, a quick ratio of 1.17 and a debt-to-equity ratio of 0.34.

Openlane (NYSE:OPLN) last released its earnings results on Wednesday, November 4th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.39 by $0.04. Openlane had a net margin of 9.23% and a return on equity of 12.74%. The company had revenue of $561.20 million for the quarter. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. Equities research analysts forecast that Openlane will post 1.49 EPS for the current year.

Insiders Place Their Bets

In other Openlane news, CEO Peter Kelly purchased 14,830 shares of the stock in a transaction on Monday, August 24th. The stock was acquired at an average cost of $33.72 per share, with a total value of $500,067.60. Following the completion of the purchase, the chief executive officer directly owned 14,830 shares of the company’s stock, valued at approximately $500,067.60. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.22% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Hawk Ridge Capital Management LP grew its holdings in shares of Openlane by 72.5% in the first quarter. Hawk Ridge Capital Management LP now owns 4,967,144 shares of the company’s stock worth $144,792,000 after purchasing an additional 2,087,200 shares during the last quarter. Ranger Investment Management L.P. purchased a new position in shares of Openlane in the second quarter worth $18,146,000. Prospect Capital Advisors LLC purchased a new position in shares of Openlane in the first quarter worth $2,437,000. The Manufacturers Life Insurance Company bought a new stake in Openlane during the 2nd quarter valued at $2,110,000. Finally, Quantinno Capital Management LP raised its holdings in Openlane by 290.6% during the 1st quarter. Quantinno Capital Management LP now owns 55,922 shares of the company’s stock valued at $1,630,000 after buying an additional 41,604 shares during the last quarter. Hedge funds and other institutional investors own 99.76% of the company’s stock.

Openlane Company Profile

OPENLANE, Inc (NYSE: OPLN) operates a digital marketplace and technology platform for the wholesale vehicle industry. The company helps automotive dealers, manufacturers, fleet operators, rental companies and financial institutions buy and sell used vehicles through online and physical auction channels.

Its services include wholesale vehicle auctions, vehicle inspection and condition reporting, transportation and logistics, financing support, title and documentation services, and other tools designed to simplify the remarketing process.