Geode Capital Management LLC Purchases 35,214 Shares of OPENLANE, Inc. (NYSE:KAR)

Geode Capital Management LLC boosted its stake in OPENLANE, Inc. (NYSE:KAR - Free Report) by 1.4% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 2,475,741 shares of the specialty retailer's stock after buying an additional 35,214 shares during the period. Geode Capital Management LLC owned approximately 2.32% of OPENLANE worth $41,799,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Renaissance Technologies LLC bought a new position in OPENLANE during the 2nd quarter worth $3,243,000. Clifford Capital Partners LLC bought a new position in OPENLANE during the third quarter worth about $10,309,000. Burgundy Asset Management Ltd. raised its stake 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. Raymond James & Associates boosted 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 valued at $4,034,000 after purchasing an additional 181,364 shares during the period. Finally, River Road Asset Management LLC boosted its holdings in OPENLANE by 15.3% in 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. 99.76% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on KAR. Barrington Research reiterated an "outperform" rating and issued a $25.00 price target on shares of OPENLANE in a research report on Monday, November 4th. JPMorgan Chase & Co. raised their price objective on OPENLANE from $21.00 to $23.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 20th. Finally, StockNews.com downgraded OPENLANE from a "buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $22.00.

OPENLANE Stock Performance

Shares of NYSE KAR traded up $0.17 during trading hours on Wednesday, hitting $20.50. 118,784 shares of the stock were exchanged, compared to its average volume of 712,265. The company's fifty day simple moving average is $18.88 and its two-hundred day simple moving average is $17.58. The company has a market cap of $2.19 billion, a PE ratio of 78.85, a price-to-earnings-growth ratio of 2.05 and a beta of 1.53. OPENLANE, Inc. has a 1-year low of $12.86 and a 1-year 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, topping the consensus estimate of $0.22 by $0.04. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. The firm had revenue of $448.00 million during the quarter, compared to analysts' expectations of $431.68 million. During the same period in the prior year, the company earned $0.18 earnings per share. The company's quarterly revenue was up 7.6% on a year-over-year basis. As a group, sell-side analysts expect that OPENLANE, Inc. will post 0.84 EPS for the current fiscal year.

Insider Activity at OPENLANE

In related news, CFO Brad S. Lakhia acquired 4,985 shares of the company's stock in a transaction that occurred on Wednesday, November 13th. The stock was acquired at an average price of $20.06 per share, with a total value of $99,999.10. Following the purchase, the chief financial officer now directly owns 14,303 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is available through this link. 2.32% of the stock is currently owned by insiders.

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.