Ieq Capital LLC Purchases Shares of 17,948 OPENLANE, Inc. $KAR

Ieq Capital LLC purchased a new stake in OPENLANE, Inc. (NYSE:KAR) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 17,948 shares of the specialty retailer’s stock, valued at approximately $346,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Comerica Bank boosted its holdings in OPENLANE by 37.8% in the 1st quarter. Comerica Bank now owns 88,086 shares of the specialty retailer’s stock valued at $1,698,000 after purchasing an additional 24,144 shares during the period. Jump Financial LLC lifted its holdings in shares of OPENLANE by 2.8% during the 1st quarter. Jump Financial LLC now owns 47,164 shares of the specialty retailer’s stock worth $909,000 after acquiring an additional 1,273 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of OPENLANE by 29.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 3,270 shares of the specialty retailer’s stock valued at $63,000 after acquiring an additional 735 shares in the last quarter. CW Advisors LLC bought a new stake in OPENLANE in the first quarter valued at about $490,000. Finally, EntryPoint Capital LLC acquired a new position in OPENLANE in the first quarter worth about $271,000. 99.76% of the stock is owned by institutional investors.

OPENLANE Stock Down 0.3%

Shares of KAR stock opened at $29.07 on Friday. OPENLANE, Inc. has a 12-month low of $15.44 and a 12-month high of $29.37. The company has a market capitalization of $3.09 billion, a P/E ratio of 39.28, a P/E/G ratio of 3.01 and a beta of 1.38. The firm has a 50-day moving average price of $26.68 and a 200 day moving average price of $22.92.

OPENLANE (NYSE:KAR) last announced its quarterly earnings results on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.09. OPENLANE had a net margin of 8.18% and a return on equity of 11.65%. The firm had revenue of $481.70 million during the quarter, compared to the consensus estimate of $453.26 million. During the same period last year, the firm posted $0.19 EPS. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. As a group, research analysts expect that OPENLANE, Inc. will post 0.95 earnings per share for the current year.

Wall Street Analyst Weigh In

KAR has been the subject of several recent research reports. Wall Street Zen raised shares of OPENLANE from a “hold” rating to a “buy” rating in a research report on Friday, May 9th. Barrington Research increased their price target on shares of OPENLANE from $25.00 to $30.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 6th. Bank of America increased their price target on shares of OPENLANE from $22.00 to $25.00 and gave the stock a “neutral” rating in a research report on Monday, June 16th. Finally, JPMorgan Chase & Co. increased their price target on shares of OPENLANE from $22.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.50.

Insider Activity

In other OPENLANE news, EVP James P. Coyle sold 194,575 shares of the firm’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $27.94, for a total value of $5,436,425.50. Following the completion of the sale, the executive vice president owned 36,851 shares in the company, valued at approximately $1,029,616.94. This trade represents a 84.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Charles S. Coleman sold 59,289 shares of the firm’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $27.97, for a total transaction of $1,658,313.33. Following the completion of the sale, the executive vice president owned 53,474 shares of the company’s stock, valued at $1,495,667.78. The trade was a 52.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.51% of the company’s stock.

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.