Weiss Asset Management LP Has $1.45 Million Stake in OPENLANE, Inc. (NYSE:KAR)

Weiss Asset Management LP lowered its stake in OPENLANE, Inc. (NYSE:KAR - Free Report) by 87.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 85,793 shares of the specialty retailer's stock after selling 581,745 shares during the quarter. Weiss Asset Management LP owned about 0.08% of OPENLANE worth $1,448,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. SG Americas Securities LLC lifted its position in OPENLANE by 96.3% in the 2nd quarter. SG Americas Securities LLC now owns 16,072 shares of the specialty retailer's stock valued at $267,000 after acquiring an additional 7,886 shares in the last quarter. Raymond James & Associates boosted its position in shares of OPENLANE by 293.5% during the second quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer's stock worth $4,034,000 after buying an additional 181,364 shares during the period. Fifth Third Bancorp grew its holdings in shares of OPENLANE by 175.5% during the second quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer's stock worth $27,000 after buying an additional 1,018 shares in the last quarter. Louisiana State Employees Retirement System raised its position in OPENLANE by 1.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 54,500 shares of the specialty retailer's stock valued at $904,000 after buying an additional 1,000 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in OPENLANE by 2.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 876,398 shares of the specialty retailer's stock valued at $14,539,000 after acquiring an additional 18,706 shares in the last quarter. Institutional investors and hedge funds own 99.76% of the company's stock.

Analyst Upgrades and Downgrades

KAR has been the subject of several research reports. Barrington Research reaffirmed an "outperform" rating and set a $25.00 price target on shares of OPENLANE in a research note on Monday, November 4th. JPMorgan Chase & Co. raised their target price on shares of OPENLANE from $21.00 to $23.00 and gave the company an "overweight" rating in a research report on Wednesday, November 20th.

Insider Buying and Selling at OPENLANE

In related news, CFO Brad S. Lakhia acquired 4,985 shares of the business's stock in a transaction on Wednesday, November 13th. The stock was purchased at an average cost of $20.06 per share, for a total transaction of $99,999.10. Following the completion of the transaction, the chief financial officer now directly owns 14,303 shares of the company's stock, valued at approximately $286,918.18. The trade was a 53.50 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.32% of the company's stock.

OPENLANE Trading Down 0.2 %

Shares of KAR traded down $0.05 during midday trading on Friday, reaching $20.20. The stock had a trading volume of 480,008 shares, compared to its average volume of 726,865. The firm has a market cap of $2.16 billion, a PE ratio of 77.70, a P/E/G ratio of 2.00 and a beta of 1.53. The firm has a 50 day simple moving average of $17.83 and a 200-day simple moving average of $17.29. OPENLANE, Inc. has a one year low of $12.86 and a one year high of $20.71.

OPENLANE (NYSE:KAR - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $431.68 million. During the same quarter in the previous year, the business earned $0.18 earnings per share. The business's revenue was up 7.6% compared to the same quarter last year. As a group, research analysts forecast that OPENLANE, Inc. will post 0.84 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.