Charles Schwab Investment Management Inc. Raises Position in OPENLANE, Inc. (NYSE:KAR)

Charles Schwab Investment Management Inc. boosted its stake in OPENLANE, Inc. (NYSE:KAR) by 0.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,759,952 shares of the specialty retailer’s stock after buying an additional 6,469 shares during the period. Charles Schwab Investment Management Inc. owned 1.62% of OPENLANE worth $29,708,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Fifth Third Bancorp lifted its holdings 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 buying an additional 1,018 shares during the period. Quarry LP lifted its holdings in shares of OPENLANE by 201.4% during the second quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock valued at $39,000 after purchasing an additional 1,587 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of OPENLANE during the second quarter valued at approximately $81,000. Creative Planning purchased a new position in shares of OPENLANE during the third quarter valued at approximately $193,000. Finally, MQS Management LLC purchased a new position in shares of OPENLANE during the second quarter valued at approximately $204,000. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

OPENLANE Price Performance

OPENLANE stock opened at $20.13 on Thursday. The firm’s 50 day moving average price is $17.69 and its 200-day moving average price is $17.25. OPENLANE, Inc. has a 1 year low of $12.86 and a 1 year high of $20.45. The stock has a market cap of $2.15 billion, a P/E ratio of 77.43, a PEG ratio of 1.99 and a beta of 1.53.

OPENLANE (NYSE:KAR) last announced its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.04. The company had revenue of $448.00 million for the quarter, compared to analysts’ expectations of $431.68 million. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. OPENLANE’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.18 earnings per share. As a group, equities analysts expect that OPENLANE, Inc. will post 0.84 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Brad S. Lakhia bought 4,985 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were purchased at an average price of $20.06 per share, for a total transaction of $99,999.10. Following the completion of the transaction, the chief financial officer now directly owns 14,303 shares in the company, valued at approximately $286,918.18. This represents a 53.50 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

KAR has been the subject of several recent research reports. Barrington Research reiterated an “outperform” rating and set a $25.00 target price on shares of OPENLANE in a report on Monday, November 4th. JPMorgan Chase & Co. lifted their target price on shares of OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, OPENLANE has an average rating of “Moderate Buy” and a consensus target price of $20.20.

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.