Insider Buying: OPENLANE, Inc. (NYSE:KAR) CFO Buys 4,985 Shares of Stock

OPENLANE, Inc. (NYSE:KAR) CFO Brad S. Lakhia bought 4,985 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was bought at an average cost of $20.06 per share, with a total value of $99,999.10. Following the transaction, the chief financial officer now owns 14,303 shares in the company, valued at $286,918.18. This trade represents a 53.50 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link.

OPENLANE Trading Up 1.5 %

KAR opened at $19.86 on Friday. The company’s 50 day moving average is $16.77 and its 200 day moving average is $17.05. The company has a market cap of $2.12 billion, a price-to-earnings ratio of 76.39, a PEG ratio of 1.90 and a beta of 1.44. OPENLANE, Inc. has a 12-month low of $12.86 and a 12-month high of $20.45.

OPENLANE (NYSE:KAR) last issued its quarterly 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. The business had revenue of $448.00 million for the quarter, compared to analysts’ expectations of $431.68 million. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.18 EPS. As a group, analysts predict that OPENLANE, Inc. will post 0.85 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Barrington Research reaffirmed an “outperform” rating and issued a $25.00 price objective on shares of OPENLANE in a report on Monday, November 4th.

Institutional Trading of OPENLANE

Hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets lifted 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 valued at $930,000 after purchasing an additional 23,462 shares in the last quarter. Texas Permanent School Fund Corp lifted its stake in shares of OPENLANE by 1.4% during 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 in the last quarter. ProShare Advisors LLC boosted its holdings in OPENLANE by 6.4% in the 1st quarter. ProShare Advisors LLC now owns 21,562 shares of the specialty retailer’s stock worth $373,000 after buying an additional 1,290 shares during the period. State Board of Administration of Florida Retirement System increased its stake in OPENLANE by 33.1% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 41,021 shares of the specialty retailer’s stock worth $710,000 after buying an additional 10,200 shares in the last quarter. Finally, Burgundy Asset Management Ltd. increased its stake in OPENLANE by 1.0% in the 1st quarter. Burgundy Asset Management Ltd. now owns 8,775,701 shares of the specialty retailer’s stock worth $151,820,000 after buying an additional 84,835 shares in the last quarter. Institutional investors own 99.76% 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.