Amalgamated Bank Sells 868 Shares of OPENLANE, Inc. (NYSE:KAR)

Amalgamated Bank reduced its position in OPENLANE, Inc. (NYSE:KAR) by 2.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,118 shares of the specialty retailer’s stock after selling 868 shares during the quarter. Amalgamated Bank’s holdings in OPENLANE were worth $542,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of KAR. Invenomic Capital Management LP boosted its position in shares of OPENLANE by 277.0% in 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 period. Renaissance Technologies LLC purchased a new position in shares of OPENLANE in the second quarter worth $3,243,000. Raymond James & Associates lifted its holdings in shares of OPENLANE by 293.5% in the second quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer’s stock worth $4,034,000 after buying an additional 181,364 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in shares of OPENLANE by 14.4% in 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 buying an additional 181,130 shares in the last quarter. Finally, Burgundy Asset Management Ltd. lifted its holdings in shares of OPENLANE by 1.7% in the second quarter. Burgundy Asset Management Ltd. now owns 8,921,967 shares of the specialty retailer’s stock worth $148,015,000 after buying an additional 146,266 shares in the last quarter. 99.76% of the stock is currently owned by institutional investors.

Insider Activity at OPENLANE

In other news, CFO Brad S. Lakhia bought 4,985 shares of OPENLANE stock in a transaction dated Wednesday, November 13th. The shares were acquired at an average price of $20.06 per share, with a total value of $99,999.10. Following the completion of the purchase, the chief financial officer now owns 14,303 shares in the company, valued at $286,918.18. The trade was a 53.50 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.32% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Barrington Research reissued an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a report on Monday, November 4th.

OPENLANE Stock Up 1.5 %

OPENLANE stock opened at $19.86 on Friday. The company has a market cap of $2.12 billion, a price-to-earnings ratio of 76.38, a PEG ratio of 1.91 and a beta of 1.44. The firm’s fifty day moving average is $16.77 and its 200 day moving average is $17.05. OPENLANE, Inc. has a 52-week low of $12.86 and a 52-week high of $20.45.

OPENLANE (NYSE:KAR) last released its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. The company had revenue of $448.00 million for the quarter, compared to the consensus estimate of $431.68 million. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. OPENLANE’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.18 earnings per share. On average, equities research analysts anticipate that OPENLANE, Inc. will post 0.85 earnings per share for the current fiscal year.

OPENLANE Company 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.