Geode Capital Management LLC Purchases 35,214 Shares of OPENLANE, Inc. (NYSE:KAR)

Geode Capital Management LLC raised its holdings in shares of OPENLANE, Inc. (NYSE:KAR) by 1.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,475,741 shares of the specialty retailer’s stock after buying an additional 35,214 shares during the period. Geode Capital Management LLC owned about 2.32% of OPENLANE worth $41,799,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of KAR. Fifth Third Bancorp boosted its holdings in OPENLANE by 175.5% during the 2nd quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock valued at $27,000 after acquiring an additional 1,018 shares during the period. Quarry LP boosted 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 valued at $39,000 after purchasing an additional 1,587 shares during the period. Innealta Capital LLC purchased a new stake in shares of OPENLANE in the 2nd quarter worth $81,000. Creative Planning bought a new position in shares of OPENLANE during the 3rd quarter worth $193,000. Finally, MQS Management LLC purchased a new position in shares of OPENLANE during the second quarter valued at $204,000. Institutional investors own 99.76% of the company’s stock.

Insider Buying and Selling

In related news, CFO Brad S. Lakhia bought 4,985 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were bought at an average price of $20.06 per share, with a total value of $99,999.10. Following the transaction, the chief financial officer now owns 14,303 shares in the company, valued at approximately $286,918.18. This trade represents a 53.50 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.32% of the stock is owned by company insiders.

OPENLANE Stock Performance

KAR stock opened at $20.50 on Wednesday. OPENLANE, Inc. has a one year low of $12.86 and a one year high of $20.85. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of 78.85, a PEG ratio of 2.05 and a beta of 1.53. The firm has a 50-day simple moving average of $18.88 and a two-hundred day simple moving average of $17.58.

OPENLANE (NYSE:KAR) last posted its earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. The company had revenue of $448.00 million during 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 revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.18 earnings per share. As a group, equities analysts predict that OPENLANE, Inc. will post 0.84 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on KAR. StockNews.com lowered shares of OPENLANE from a “buy” rating to a “hold” rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. increased their price objective on shares of OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Finally, Barrington Research reissued an “outperform” rating and issued a $25.00 price objective on shares of OPENLANE in a research note on Monday, November 4th. Two 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, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.00.

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.