Quest Partners LLC Takes $591,000 Position in OPENLANE, Inc. (NYSE:KAR)

Quest Partners LLC acquired a new stake in shares of OPENLANE, Inc. (NYSE:KAR) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 39,894 shares of the specialty retailer’s stock, valued at approximately $591,000.

A number of other large investors also recently made changes to their positions in the company. Burgundy Asset Management Ltd. lifted its position in shares of OPENLANE by 2.2% during the third quarter. Burgundy Asset Management Ltd. now owns 8,454,728 shares of the specialty retailer’s stock valued at $126,145,000 after purchasing an additional 182,241 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in OPENLANE by 6.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,059,333 shares of the specialty retailer’s stock valued at $104,550,000 after acquiring an additional 399,073 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in OPENLANE by 3.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,727,213 shares of the specialty retailer’s stock valued at $25,770,000 after acquiring an additional 53,654 shares during the last quarter. Invesco Ltd. boosted its stake in OPENLANE by 5.8% in the third quarter. Invesco Ltd. now owns 770,127 shares of the specialty retailer’s stock valued at $11,490,000 after acquiring an additional 42,420 shares during the last quarter. Finally, Norges Bank purchased a new position in OPENLANE in the fourth quarter valued at about $10,426,000. 99.76% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Bank of America upgraded shares of OPENLANE from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $16.00 to $20.00 in a research note on Wednesday, April 10th. Robert W. Baird upped their price target on shares of OPENLANE from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Finally, Barrington Research restated an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research note on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.60.

OPENLANE Stock Performance

OPENLANE stock opened at $16.93 on Thursday. The firm’s 50 day simple moving average is $17.27 and its 200 day simple moving average is $15.59. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.15. OPENLANE, Inc. has a 1-year low of $12.86 and a 1-year high of $18.41.

OPENLANE (NYSE:KAR) last posted its earnings results on Wednesday, May 1st. The specialty retailer reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.02). The firm had revenue of $416.30 million for the quarter, compared to the consensus estimate of $425.19 million. OPENLANE had a positive return on equity of 8.53% and a negative net margin of 9.04%. The business’s revenue was down 1.0% on a year-over-year basis. During the same period last year, the company posted $0.12 EPS. Analysts expect that OPENLANE, Inc. will post 0.81 earnings per share for the current fiscal year.

Insider Transactions at OPENLANE

In related news, CEO Peter J. Kelly purchased 10,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were purchased at an average price of $14.87 per share, with a total value of $148,700.00. Following the acquisition, the chief executive officer now directly owns 323,355 shares of the company’s stock, valued at $4,808,288.85. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In other OPENLANE news, CEO Peter J. Kelly acquired 10,000 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was bought at an average price of $14.87 per share, with a total value of $148,700.00. Following the purchase, the chief executive officer now owns 323,355 shares of the company’s stock, valued at $4,808,288.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP James P. Coyle sold 6,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $18.09, for a total transaction of $108,540.00. Following the completion of the sale, the executive vice president now directly owns 23,885 shares of the company’s stock, valued at approximately $432,079.65. The disclosure for this sale can be found here. Insiders own 2.32% of the company’s stock.

OPENLANE Profile

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.