OPENLANE, Inc. (NYSE:KAR) Shares Purchased by Invenomic Capital Management LP

Invenomic Capital Management LP grew its stake in shares of OPENLANE, Inc. (NYSE:KAR) by 277.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,529,680 shares of the specialty retailer’s stock after buying an additional 1,123,953 shares during the quarter. OPENLANE comprises 1.4% of Invenomic Capital Management LP’s holdings, making the stock its 21st biggest position. Invenomic Capital Management LP’s holdings in OPENLANE were worth $26,463,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in KAR. Hawk Ridge Capital Management LP boosted its stake in OPENLANE by 5.3% during the fourth quarter. Hawk Ridge Capital Management LP now owns 3,900,178 shares of the specialty retailer’s stock valued at $57,762,000 after buying an additional 195,200 shares in the last quarter. Mackenzie Financial Corp bought a new position in shares of OPENLANE during the 4th quarter valued at about $846,000. Olympiad Research LP acquired a new position in shares of OPENLANE in the 4th quarter worth approximately $255,000. Brown Advisory Inc. bought a new stake in shares of OPENLANE in the 4th quarter worth approximately $362,000. Finally, Campbell & CO Investment Adviser LLC lifted its stake in OPENLANE by 286.6% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 81,038 shares of the specialty retailer’s stock valued at $1,200,000 after purchasing an additional 60,078 shares during the last quarter. 99.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on KAR shares. Robert W. Baird upped their price target on OPENLANE from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Barrington Research reaffirmed an “outperform” rating and set a $25.00 target price on shares of OPENLANE in a report on Thursday, May 2nd. Finally, Bank of America raised OPENLANE from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $16.00 to $20.00 in a research note on Wednesday, April 10th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, OPENLANE currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.60.

OPENLANE Stock Performance

NYSE:KAR remained flat at $17.89 during trading hours on Tuesday. 516,607 shares of the company’s stock traded hands, compared to its average volume of 716,641. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of -9.99, a price-to-earnings-growth ratio of 1.20 and a beta of 1.44. The business’s fifty day simple moving average is $17.05 and its 200 day simple moving average is $16.42. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.15. OPENLANE, Inc. has a 52 week low of $12.86 and a 52 week high of $18.73.

OPENLANE (NYSE:KAR) last posted its quarterly earnings results on Wednesday, May 1st. The specialty retailer reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.02). OPENLANE had a negative net margin of 9.04% and a positive return on equity of 8.53%. The business had revenue of $416.30 million for the quarter, compared to analyst estimates of $425.19 million. During the same period in the previous year, the firm posted $0.12 earnings per share. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. Research analysts predict that OPENLANE, Inc. will post 0.8 EPS for the current year.

Insider Transactions at OPENLANE

In other OPENLANE news, EVP James P. Coyle sold 6,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $18.09, for a total value of $108,540.00. Following the completion of the sale, the executive vice president now owns 23,885 shares in the company, valued at approximately $432,079.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.32% of the stock is owned by insiders.

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.