Insider Selling: Openlane (NYSE:OPLN) Director Sells 8,000 Shares of Company Stock

Openlane (NYSE:OPLN) Director Michael Kestner sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 11th. The stock was sold at an average price of $35.23, for a total value of $281,840.00. Following the sale, the director directly owned 2,922 shares of the company’s stock, valued at $102,942.06. This represents a 73.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Openlane Trading Down 0.1%

Shares of Openlane stock traded down $0.03 on Thursday, reaching $35.01. 69,220 shares of the company’s stock were exchanged, compared to its average volume of 1,047,328. The company has a market capitalization of $4.25 billion, a P/E ratio of -47.32, a price-to-earnings-growth ratio of 1.57 and a beta of 1.35. Openlane has a 52 week low of $24.32 and a 52 week high of $42.90. The firm’s 50-day moving average is $35.95 and its two-hundred day moving average is $34.37. 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 (NYSE:OPLN) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.39 by $0.04. The company had revenue of $561.20 million during the quarter. Openlane had a net margin of 9.23% and a return on equity of 12.74%. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. Sell-side analysts predict that Openlane will post 1.49 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Openlane

Large investors have recently modified their holdings of the business. Versant Capital Management Inc raised its position in shares of Openlane by 94.2% in the second quarter. Versant Capital Management Inc now owns 979 shares of the company’s stock valued at $40,000 after purchasing an additional 475 shares during the period. Salomon & Ludwin LLC boosted its holdings in Openlane by 61.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 1,066 shares of the company’s stock worth $36,000 after buying an additional 405 shares during the period. Nykredit A S bought a new position in Openlane in the 2nd quarter worth approximately $46,000. Allworth Financial LP bought a new position in Openlane in the 2nd quarter worth approximately $56,000. Finally, Persistent Asset Partners Ltd purchased a new position in Openlane in the 2nd quarter valued at approximately $75,000. Hedge funds and other institutional investors own 99.76% of the company’s stock.

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.