Openlane (NYSE:OPLN) Stock: Insider Tobin Richer Sells 3,458 Shares

Openlane (NYSE:OPLN) EVP Tobin Richer sold 3,458 shares of the stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $35.44, for a total value of $122,551.52. Following the transaction, the executive vice president owned 24,697 shares in the company, valued at approximately $875,261.68. This trade represents a 12.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Openlane Stock Performance

NYSE:OPLN traded up $0.34 during mid-day trading on Friday, hitting $35.08. 589,385 shares of the stock were exchanged, compared to its average volume of 1,022,194. The stock has a market capitalization of $4.26 billion, a price-to-earnings ratio of -47.41, a price-to-earnings-growth ratio of 1.55 and a beta of 1.35. The firm’s 50-day simple moving average is $35.95 and its 200 day simple moving average is $34.42. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.16. Openlane has a fifty-two week low of $24.32 and a fifty-two week high of $42.90.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Wall Street Zen downgraded Openlane from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Barclays upped their price target on shares of Openlane from $46.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Openlane in a research report on Wednesday, August 26th. Zacks Research lowered shares of Openlane from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 7th. Finally, Northcoast Research set a $50.00 price objective on shares of Openlane in a research note on Wednesday, August 5th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Openlane presently has an average rating of “Moderate Buy” and a consensus price target of $43.83.

More Openlane News

These are some of the OPLN news items that stood out recently:

• Positive Sentiment: In its latest reported quarter, Openlane posted earnings of $0.43 per share, beating the $0.39 consensus estimate, while revenue rose 12.6% year over year to $561.2 million.
• Negative Sentiment: Several executives and a director sold shares: EVP Charles Coleman sold 38,769 shares, and a separate filing reported another 1,207-share sale; EVP Tobin Richer sold 3,458 shares; and director Michael Kestner sold 8,000 shares, reducing his position by 73.25%. Multiple insider sales can raise concerns about management and director confidence, though sales alone do not establish their reasons. Insider sale details

Institutional Investors Weigh In On Openlane

Several institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc increased its stake in Openlane by 94.2% during the 2nd quarter. Versant Capital Management Inc now owns 979 shares of the company’s stock worth $40,000 after acquiring an additional 475 shares during the period. Salomon & Ludwin LLC raised its holdings in Openlane by 61.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 1,066 shares of the company’s stock valued at $36,000 after acquiring an additional 405 shares in the last quarter. Nykredit A S bought a new stake in shares of Openlane during the 2nd quarter valued at $46,000. Allworth Financial LP bought a new stake in shares of Openlane during the 2nd quarter valued at $56,000. Finally, Persistent Asset Partners Ltd bought a new stake in shares of Openlane during the 2nd quarter valued at $75,000. 99.76% of the stock is currently owned by institutional investors.

Openlane Company Profile

OPENLANE operates a digital marketplace for wholesale used vehicles, connecting vehicle sellers—including dealers, fleet operators, financial institutions and manufacturers—with professional buyers. Its online auction platform supports the buying and selling of vehicles across multiple channels. The company also provides services that support wholesale transactions, such as vehicle condition information, title processing and transportation coordination. OPENLANE serves customers in the United States, Canada and Europe.