54,000 Shares in OPENLANE, Inc. (NYSE:KAR) Bought by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System acquired a new position in shares of OPENLANE, Inc. (NYSE:KAR) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 54,000 shares of the specialty retailer’s stock, valued at approximately $800,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of KAR. Connor Clark & Lunn Investment Management Ltd. acquired a new position in OPENLANE during the third quarter worth $3,388,000. Burgundy Asset Management Ltd. increased its position in OPENLANE by 2.2% during the third quarter. Burgundy Asset Management Ltd. now owns 8,454,728 shares of the specialty retailer’s stock worth $126,145,000 after buying an additional 182,241 shares in the last quarter. Roubaix Capital LLC purchased a new position in OPENLANE during the third quarter worth $1,889,000. Illinois Municipal Retirement Fund purchased a new position in OPENLANE during the third quarter worth $944,000. Finally, Algert Global LLC increased its position in OPENLANE by 79.6% during the third quarter. Algert Global LLC now owns 132,490 shares of the specialty retailer’s stock worth $1,977,000 after buying an additional 58,710 shares in the last quarter. 99.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on KAR. Bank of America raised OPENLANE from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $16.00 to $20.00 in a research report on Wednesday, April 10th. Barrington Research reissued an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research report on Wednesday, February 21st. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, OPENLANE currently has an average rating of “Hold” and a consensus price target of $19.50.

Insider Buying and Selling at OPENLANE

In other news, CEO Peter J. Kelly purchased 10,000 shares of the stock in a transaction on Monday, February 26th. The stock was purchased at an average price of $14.87 per share, with a total value of $148,700.00. Following the completion of the transaction, the chief executive officer now owns 323,355 shares in the company, valued at $4,808,288.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other OPENLANE news, insider James E. Money II sold 14,822 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $15.83, for a total transaction of $234,632.26. Following the completion of the sale, the insider now owns 44,604 shares of the company’s stock, valued at $706,081.32. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Peter J. Kelly purchased 10,000 shares of the stock in a transaction on Monday, February 26th. The shares were purchased at an average cost of $14.87 per share, with a total value of $148,700.00. Following the transaction, the chief executive officer now owns 323,355 shares of the company’s stock, valued at approximately $4,808,288.85. The disclosure for this purchase can be found here. 2.74% of the stock is owned by company insiders.

OPENLANE Price Performance

Shares of NYSE:KAR opened at $17.42 on Friday. The company has a market cap of $1.88 billion, a P/E ratio of -9.52, a P/E/G ratio of 0.95 and a beta of 1.45. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.15. OPENLANE, Inc. has a 52 week low of $12.86 and a 52 week high of $17.70. The business has a fifty day simple moving average of $16.36 and a 200-day simple moving average of $15.11.

OPENLANE (NYSE:KAR) last announced its quarterly earnings data on Tuesday, February 20th. The specialty retailer reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. The business had revenue of $391.30 million during the quarter, compared to the consensus estimate of $392.56 million. OPENLANE had a positive return on equity of 7.49% and a negative net margin of 9.37%. The business’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.33 earnings per share. Equities research analysts forecast that OPENLANE, Inc. will post 0.83 EPS for the current year.

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.