Quarry LP Has $39,000 Stock Position in OPENLANE, Inc. (NYSE:KAR)

Quarry LP grew its holdings in shares of OPENLANE, Inc. (NYSE:KAR) by 201.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,375 shares of the specialty retailer’s stock after buying an additional 1,587 shares during the quarter. Quarry LP’s holdings in OPENLANE were worth $39,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Burgundy Asset Management Ltd. grew its holdings in shares of OPENLANE by 1.7% during the second quarter. Burgundy Asset Management Ltd. now owns 8,921,967 shares of the specialty retailer’s stock valued at $148,015,000 after buying an additional 146,266 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in OPENLANE by 0.7% during the second quarter. Dimensional Fund Advisors LP now owns 7,143,903 shares of the specialty retailer’s stock worth $118,517,000 after purchasing an additional 50,773 shares during the last quarter. Hawk Ridge Capital Management LP boosted its holdings 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 worth $57,762,000 after purchasing an additional 195,200 shares during the last quarter. Invenomic Capital Management LP boosted its holdings in OPENLANE by 277.0% during the first quarter. Invenomic Capital Management LP now owns 1,529,680 shares of the specialty retailer’s stock worth $26,463,000 after purchasing an additional 1,123,953 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its holdings in OPENLANE by 14.4% during the second quarter. D. E. Shaw & Co. Inc. now owns 1,441,923 shares of the specialty retailer’s stock worth $23,922,000 after purchasing an additional 181,130 shares during the last quarter. 99.76% of the stock is currently owned by institutional investors and hedge funds.

OPENLANE Stock Performance

Shares of KAR stock opened at $16.22 on Friday. The firm has a market cap of $1.76 billion, a price-to-earnings ratio of -9.06, a P/E/G ratio of 1.73 and a beta of 1.44. OPENLANE, Inc. has a 52 week low of $12.86 and a 52 week high of $18.73. The firm’s 50-day simple moving average is $16.93 and its two-hundred day simple moving average is $17.10.

OPENLANE (NYSE:KAR) last announced its quarterly earnings data on Wednesday, August 7th. The specialty retailer reported $0.19 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.02). The company had revenue of $431.80 million during the quarter, compared to the consensus estimate of $426.11 million. OPENLANE had a return on equity of 7.85% and a net margin of 3.39%. The business’s revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.25 EPS. Analysts forecast that OPENLANE, Inc. will post 0.78 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Barrington Research restated an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a report on Friday, September 20th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.60.

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.