Alliancebernstein L.P. Reduces Holdings in OPENLANE, Inc. (NYSE:KAR)

Alliancebernstein L.P. lessened its position in shares of OPENLANE, Inc. (NYSE:KAR - Free Report) by 10.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 123,882 shares of the specialty retailer's stock after selling 15,212 shares during the period. Alliancebernstein L.P. owned 0.12% of OPENLANE worth $2,458,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of KAR. Smartleaf Asset Management LLC raised its position in shares of OPENLANE by 435.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer's stock worth $51,000 after acquiring an additional 2,062 shares in the last quarter. KBC Group NV increased its holdings in OPENLANE by 51.1% in the fourth quarter. KBC Group NV now owns 5,314 shares of the specialty retailer's stock worth $105,000 after purchasing an additional 1,798 shares in the last quarter. Pacer Advisors Inc. acquired a new position in OPENLANE in the fourth quarter valued at approximately $187,000. Versor Investments LP bought a new position in shares of OPENLANE during the 4th quarter worth approximately $254,000. Finally, Pictet Asset Management Holding SA boosted its holdings in shares of OPENLANE by 15.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 13,092 shares of the specialty retailer's stock worth $260,000 after buying an additional 1,765 shares in the last quarter. Institutional investors own 99.76% of the company's stock.

OPENLANE Stock Up 0.6 %

KAR stock traded up $0.12 during mid-day trading on Friday, reaching $18.71. 670,155 shares of the company traded hands, compared to its average volume of 732,548. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of 35.29, a P/E/G ratio of 1.85 and a beta of 1.38. OPENLANE, Inc. has a fifty-two week low of $15.44 and a fifty-two week high of $22.47. The firm's 50 day moving average price is $20.13 and its 200 day moving average price is $19.49.

OPENLANE (NYSE:KAR - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.01. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The business had revenue of $455.00 million during the quarter, compared to the consensus estimate of $416.64 million. On average, analysts anticipate that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Stephens upgraded shares of OPENLANE from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $20.00 to $26.00 in a research report on Friday, February 28th. StockNews.com cut shares of OPENLANE from a "buy" rating to a "hold" rating in a research report on Friday, March 28th. Barrington Research restated an "outperform" rating and issued a $25.00 target price on shares of OPENLANE in a research note on Friday, February 21st. Finally, JPMorgan Chase & Co. downgraded OPENLANE from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $23.00 to $20.00 in a research note on Thursday, March 27th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $22.75.

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.