Fmr LLC Lowers Holdings in OPENLANE, Inc. (NYSE:KAR)

FMR LLC decreased its holdings in OPENLANE, Inc. (NYSE:KAR - Free Report) by 16.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 267,339 shares of the specialty retailer's stock after selling 54,155 shares during the quarter. FMR LLC owned about 0.25% of OPENLANE worth $4,513,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in KAR. River Road Asset Management LLC grew its stake in shares of OPENLANE by 15.3% during the 3rd quarter. River Road Asset Management LLC now owns 5,045,087 shares of the specialty retailer's stock valued at $85,161,000 after purchasing an additional 671,104 shares during the period. Renaissance Technologies LLC purchased a new position in OPENLANE in the 2nd quarter worth approximately $3,243,000. Raymond James & Associates lifted its holdings in OPENLANE by 293.5% in the 2nd quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer's stock worth $4,034,000 after purchasing an additional 181,364 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in OPENLANE by 14.4% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,441,923 shares of the specialty retailer's stock worth $23,922,000 after purchasing an additional 181,130 shares in the last quarter. Finally, Burgundy Asset Management Ltd. lifted its holdings in OPENLANE by 1.7% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 8,921,967 shares of the specialty retailer's stock worth $148,015,000 after purchasing an additional 146,266 shares in the last quarter. Hedge funds and other institutional investors own 99.76% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on KAR. JPMorgan Chase & Co. boosted their price target on OPENLANE from $21.00 to $23.00 and gave the stock an "overweight" rating in a report on Wednesday, November 20th. StockNews.com raised OPENLANE from a "hold" rating to a "buy" rating in a report on Monday, December 9th. Finally, Barrington Research reissued an "outperform" rating and issued a $25.00 price target on shares of OPENLANE in a report on Monday, November 4th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, OPENLANE has a consensus rating of "Moderate Buy" and a consensus target price of $22.00.

OPENLANE Stock Performance

Shares of KAR traded down $0.14 during mid-day trading on Friday, hitting $20.57. 582,289 shares of the stock were exchanged, compared to its average volume of 699,825. The company has a market cap of $2.20 billion, a PE ratio of 79.12, a price-to-earnings-growth ratio of 2.05 and a beta of 1.53. The firm has a 50-day moving average of $18.24 and a two-hundred day moving average of $17.42. OPENLANE, Inc. has a 52-week low of $12.86 and a 52-week high of $20.85.

OPENLANE (NYSE:KAR - Get Free Report) last released its earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.04. The firm had revenue of $448.00 million for the quarter, compared to the consensus estimate of $431.68 million. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. The company's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 EPS. On average, sell-side analysts predict that OPENLANE, Inc. will post 0.84 EPS for the current year.

Insider Activity

In other OPENLANE news, CFO Brad S. Lakhia acquired 4,985 shares of the business's stock in a transaction on Wednesday, November 13th. The shares were bought at an average price of $20.06 per share, with a total value of $99,999.10. Following the transaction, the chief financial officer now directly owns 14,303 shares of the company's stock, valued at $286,918.18. The trade was a 53.50 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 2.32% of the company's stock.

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.