CenterBook Partners LP Raises Holdings in OPENLANE, Inc. $KAR

CenterBook Partners LP increased its position in OPENLANE, Inc. (NYSE:KAR) by 98.4% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 288,818 shares of the specialty retailer’s stock after purchasing an additional 143,250 shares during the period. CenterBook Partners LP owned 0.27% of OPENLANE worth $7,062,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. North Star Investment Management Corp. boosted its holdings in shares of OPENLANE by 77.6% in the second quarter. North Star Investment Management Corp. now owns 1,575 shares of the specialty retailer’s stock valued at $39,000 after acquiring an additional 688 shares during the period. Smartleaf Asset Management LLC raised its position in OPENLANE by 29.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 3,270 shares of the specialty retailer’s stock valued at $63,000 after purchasing an additional 735 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in OPENLANE during the 1st quarter worth $75,000. CWM LLC grew its position in OPENLANE by 34.5% during the 1st quarter. CWM LLC now owns 4,198 shares of the specialty retailer’s stock worth $81,000 after purchasing an additional 1,077 shares during the last quarter. Finally, Financiere des Professionnels Fonds d investissement inc. acquired a new position in OPENLANE in the second quarter valued at $156,000. Institutional investors and hedge funds own 99.76% of the company’s stock.

OPENLANE Trading Up 1.8%

NYSE KAR opened at $24.93 on Friday. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of 33.69, a PEG ratio of 1.81 and a beta of 1.33. The business’s 50 day moving average is $26.85 and its two-hundred day moving average is $25.73. OPENLANE, Inc. has a 12-month low of $17.08 and a 12-month high of $30.93.

OPENLANE (NYSE:KAR) last posted its quarterly earnings results on Wednesday, November 5th. The specialty retailer reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.05. OPENLANE had a return on equity of 11.65% and a net margin of 8.18%.The firm had revenue of $498.40 million for the quarter, compared to the consensus estimate of $464.40 million. During the same period in the previous year, the business earned $0.26 earnings per share. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. OPENLANE has set its FY 2025 guidance at 1.220-1.26 EPS. Equities analysts forecast that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on KAR. Barclays assumed coverage on shares of OPENLANE in a report on Tuesday, November 11th. They issued an “overweight” rating and a $32.00 target price for the company. Zacks Research raised OPENLANE from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of OPENLANE in a research report on Wednesday. Barrington Research boosted their target price on OPENLANE from $25.00 to $30.00 and gave the company an “outperform” rating in a report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. increased their price target on OPENLANE from $28.00 to $29.00 and gave the stock a “neutral” rating in a report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.20.

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.