Edgestream Partners L.P. Makes New Investment in OPENLANE, Inc. (NYSE:KAR)

Edgestream Partners L.P. bought a new stake in shares of OPENLANE, Inc. (NYSE:KAR) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 35,164 shares of the specialty retailer’s stock, valued at approximately $583,000.

A number of other institutional investors have also modified their holdings of KAR. Louisiana State Employees Retirement System raised its holdings in shares of OPENLANE by 1.9% during the second quarter. Louisiana State Employees Retirement System now owns 54,500 shares of the specialty retailer’s stock worth $904,000 after purchasing an additional 1,000 shares during the period. Fifth Third Bancorp raised its stake in OPENLANE by 175.5% during the second quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock worth $27,000 after acquiring an additional 1,018 shares during the period. Texas Permanent School Fund Corp lifted its holdings in OPENLANE by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 94,536 shares of the specialty retailer’s stock worth $1,635,000 after acquiring an additional 1,264 shares during the last quarter. ProShare Advisors LLC boosted its stake in OPENLANE by 6.4% in the first quarter. ProShare Advisors LLC now owns 21,562 shares of the specialty retailer’s stock valued at $373,000 after acquiring an additional 1,290 shares during the period. Finally, TFO Wealth Partners LLC grew its holdings in shares of OPENLANE by 16,018.2% during the fourth quarter. TFO Wealth Partners LLC now owns 1,773 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 1,762 shares during the last quarter. Institutional investors and hedge funds own 99.76% of the company’s stock.

Analysts Set New Price Targets

Separately, Barrington Research reissued an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a report on Friday. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, OPENLANE has an average rating of “Moderate Buy” and a consensus target price of $19.60.

OPENLANE Trading Down 1.7 %

Shares of NYSE:KAR opened at $16.63 on Monday. The firm’s 50 day moving average is $17.23 and its two-hundred day moving average is $17.07. The firm has a market capitalization of $1.80 billion, a P/E ratio of -9.29, a PEG ratio of 1.65 and a beta of 1.44. OPENLANE, Inc. has a 52 week low of $12.86 and a 52 week high of $18.73.

OPENLANE (NYSE:KAR) last issued its quarterly earnings data on Wednesday, August 7th. The specialty retailer reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.02). The business 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 quarterly revenue was up 3.6% compared to the same quarter last year. During the same period last year, the company earned $0.25 earnings per share. Analysts predict that OPENLANE, Inc. will post 0.78 EPS for the current year.

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.