Squarepoint Ops LLC Sells 265,914 Shares of OPENLANE, Inc. (NYSE:KAR)

Squarepoint Ops LLC reduced its position in OPENLANE, Inc. (NYSE:KAR - Free Report) by 94.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,312 shares of the specialty retailer's stock after selling 265,914 shares during the period. Squarepoint Ops LLC's holdings in OPENLANE were worth $254,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of KAR. Los Angeles Capital Management LLC bought a new stake in OPENLANE during the 1st quarter worth approximately $242,000. BNP Paribas Financial Markets grew its holdings in OPENLANE by 77.4% during the first quarter. BNP Paribas Financial Markets now owns 53,777 shares of the specialty retailer's stock worth $930,000 after buying an additional 23,462 shares in the last quarter. Texas Permanent School Fund Corp raised its position in OPENLANE by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 94,536 shares of the specialty retailer's stock valued at $1,635,000 after buying an additional 1,264 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in OPENLANE during the 1st quarter valued at $387,000. Finally, ProShare Advisors LLC boosted its holdings in OPENLANE by 6.4% during the 1st quarter. ProShare Advisors LLC now owns 21,562 shares of the specialty retailer's stock worth $373,000 after acquiring an additional 1,290 shares during the last quarter. Institutional investors and hedge funds own 99.76% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Barrington Research reaffirmed an "outperform" rating and set a $25.00 target price on shares of OPENLANE in a research report on Friday, September 20th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, OPENLANE presently has an average rating of "Moderate Buy" and a consensus price target of $19.60.

OPENLANE Price Performance

NYSE:KAR traded up $0.35 during trading hours on Friday, hitting $15.88. The company had a trading volume of 385,306 shares, compared to its average volume of 712,281. OPENLANE, Inc. has a 52 week low of $12.86 and a 52 week high of $18.73. The company has a market capitalization of $1.72 billion, a PE ratio of -8.87, a price-to-earnings-growth ratio of 1.65 and a beta of 1.44. The stock has a 50-day moving average price of $16.72 and a 200 day moving average price of $17.06.

OPENLANE (NYSE:KAR - Get Free Report) last released its earnings results on Wednesday, August 7th. The specialty retailer reported $0.19 EPS for the quarter, missing analysts' consensus estimates of $0.21 by ($0.02). OPENLANE had a return on equity of 7.85% and a net margin of 3.39%. The company had revenue of $431.80 million during the quarter, compared to analysts' expectations of $426.11 million. During the same period in the prior year, the company posted $0.25 earnings per share. The company's revenue was up 3.6% on a year-over-year basis. Analysts anticipate that OPENLANE, Inc. will post 0.78 EPS for the current fiscal 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.