Los Angeles Capital Management LLC Takes $242,000 Position in OPENLANE, Inc. (NYSE:KAR)

Los Angeles Capital Management LLC acquired a new stake in OPENLANE, Inc. (NYSE:KAR) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 14,001 shares of the specialty retailer’s stock, valued at approximately $242,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in KAR. TFO Wealth Partners LLC lifted its stake in shares of OPENLANE by 16,018.2% in the 4th quarter. TFO Wealth Partners LLC now owns 1,773 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 1,762 shares during the period. Teacher Retirement System of Texas acquired a new position in OPENLANE during the 4th quarter worth approximately $164,000. Oak Thistle LLC acquired a new position in OPENLANE during the 4th quarter worth approximately $190,000. Capstone Investment Advisors LLC acquired a new position in OPENLANE during the 4th quarter worth approximately $221,000. Finally, Olympiad Research LP acquired a new position in OPENLANE during the 4th quarter worth approximately $255,000. 99.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other OPENLANE news, EVP James P. Coyle sold 6,000 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $18.09, for a total transaction of $108,540.00. Following the completion of the transaction, the executive vice president now directly owns 23,885 shares of the company’s stock, valued at $432,079.65. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.32% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

OPENLANE Stock Performance

Shares of KAR opened at $16.51 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.15 and a current ratio of 1.15. The stock has a 50 day moving average price of $17.12 and a two-hundred day moving average price of $15.95. The firm has a market capitalization of $1.79 billion, a P/E ratio of -9.22, a P/E/G ratio of 1.10 and a beta of 1.46. OPENLANE, Inc. has a 52 week low of $12.86 and a 52 week high of $18.41.

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

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.