Quest Partners LLC Reduces Holdings in OPENLANE, Inc. (NYSE:KAR)

Quest Partners LLC lowered its position in OPENLANE, Inc. (NYSE:KAR) by 94.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,587 shares of the specialty retailer’s stock after selling 43,250 shares during the quarter. Quest Partners LLC’s holdings in OPENLANE were worth $44,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Fifth Third Bancorp lifted its stake in OPENLANE by 175.5% in the second quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock worth $27,000 after purchasing an additional 1,018 shares during the last quarter. Quarry LP raised its holdings in shares of OPENLANE by 201.4% in the second quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock worth $39,000 after buying an additional 1,587 shares during the period. Innealta Capital LLC bought a new stake in shares of OPENLANE during the 2nd quarter worth approximately $81,000. Creative Planning purchased a new stake in OPENLANE in the third quarter worth $193,000. Finally, MQS Management LLC purchased a new stake in OPENLANE in the second quarter worth $204,000. Institutional investors own 99.76% of the company’s stock.

Insider Buying and Selling at OPENLANE

In related news, CFO Brad S. Lakhia acquired 4,985 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was purchased at an average cost of $20.06 per share, for a total transaction of $99,999.10. Following the purchase, the chief financial officer now directly owns 14,303 shares of the company’s stock, valued at $286,918.18. This trade represents a 53.50 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 2.32% of the company’s stock.

OPENLANE Price Performance

Shares of OPENLANE stock opened at $20.20 on Friday. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of 77.70, a PEG ratio of 2.00 and a beta of 1.44. The firm’s 50-day moving average is $17.48 and its two-hundred day moving average is $17.21. OPENLANE, Inc. has a 1 year low of $12.86 and a 1 year high of $20.45.

OPENLANE (NYSE:KAR) last released its quarterly earnings data 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 firm 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%. The company’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the firm earned $0.18 earnings per share. On average, equities analysts expect that OPENLANE, Inc. will post 0.84 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently commented on KAR. JPMorgan Chase & Co. raised their price target on shares of OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Barrington Research reaffirmed an “outperform” rating and set a $25.00 target price on shares of OPENLANE in a research report on Monday, November 4th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $20.20.

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.