Brad S. Lakhia Acquires 4,985 Shares of OPENLANE, Inc. (NYSE:KAR) Stock

OPENLANE, Inc. (NYSE:KAR) CFO Brad S. Lakhia bought 4,985 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was purchased at an average price of $20.06 per share, with a total value of $99,999.10. Following the completion of the acquisition, the chief financial officer now owns 14,303 shares of the company’s stock, valued at approximately $286,918.18. This trade represents a 53.50 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

OPENLANE Price Performance

OPENLANE stock traded up $0.13 during mid-day trading on Friday, hitting $19.70. The company’s stock had a trading volume of 160,872 shares, compared to its average volume of 702,790. OPENLANE, Inc. has a 52-week low of $12.86 and a 52-week high of $20.45. The company has a market cap of $2.10 billion, a PE ratio of 75.27, a price-to-earnings-growth ratio of 1.91 and a beta of 1.44. The firm’s 50 day moving average is $16.70 and its 200 day moving average is $17.04.

OPENLANE (NYSE:KAR) last posted its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $448.00 million during the quarter, compared to analyst estimates of $431.68 million. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. The firm’s revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.18 earnings per share. As a group, analysts forecast that OPENLANE, Inc. will post 0.85 EPS for the current year.

Institutional Investors Weigh In On OPENLANE

A number of institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets increased its stake in shares of OPENLANE by 77.4% in the first quarter. BNP Paribas Financial Markets now owns 53,777 shares of the specialty retailer’s stock worth $930,000 after acquiring an additional 23,462 shares during the last quarter. Texas Permanent School Fund Corp increased its position in OPENLANE by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 94,536 shares of the specialty retailer’s stock worth $1,635,000 after purchasing an additional 1,264 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of OPENLANE by 6.4% during the 1st quarter. ProShare Advisors LLC now owns 21,562 shares of the specialty retailer’s stock worth $373,000 after purchasing an additional 1,290 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in shares of OPENLANE by 33.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 41,021 shares of the specialty retailer’s stock valued at $710,000 after buying an additional 10,200 shares during the last quarter. Finally, Burgundy Asset Management Ltd. grew its stake in shares of OPENLANE by 1.0% in the 1st quarter. Burgundy Asset Management Ltd. now owns 8,775,701 shares of the specialty retailer’s stock valued at $151,820,000 after buying an additional 84,835 shares in the last quarter. Institutional investors and hedge funds own 99.76% of the company’s stock.

Wall Street Analyst Weigh In

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

About OPENLANE

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.