Sei Investments Co. Cuts Stock Holdings in OPENLANE, Inc. (NYSE:KAR)

Sei Investments Co. lowered its stake in shares of OPENLANE, Inc. (NYSE:KAR) by 5.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 257,380 shares of the specialty retailer’s stock after selling 13,619 shares during the period. Sei Investments Co. owned approximately 0.24% of OPENLANE worth $4,270,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of KAR. Burgundy Asset Management Ltd. raised its stake in shares of OPENLANE by 1.7% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 8,921,967 shares of the specialty retailer’s stock valued at $148,015,000 after acquiring an additional 146,266 shares during the period. MQS Management LLC purchased a new position in shares of OPENLANE in the 2nd quarter valued at $204,000. Edgestream Partners L.P. purchased a new position in shares of OPENLANE in the 2nd quarter valued at $583,000. Renaissance Technologies LLC purchased a new position in shares of OPENLANE in the 2nd quarter valued at $3,243,000. Finally, Dimensional Fund Advisors LP increased its stake in OPENLANE by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,143,903 shares of the specialty retailer’s stock worth $118,517,000 after buying an additional 50,773 shares during the period. Hedge funds and other institutional investors own 99.76% of the company’s stock.

OPENLANE Price Performance

Shares of KAR stock opened at $16.63 on Wednesday. The firm has a market cap of $1.80 billion, a P/E ratio of -9.29, a P/E/G ratio of 1.73 and a beta of 1.44. OPENLANE, Inc. has a 1-year low of $12.86 and a 1-year high of $18.73. The firm has a fifty day moving average of $17.05 and a two-hundred day moving average of $17.11.

OPENLANE (NYSE:KAR) last announced its quarterly earnings data on Wednesday, August 7th. The specialty retailer reported $0.19 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $426.11 million. During the same period in the prior year, the business earned $0.25 earnings per share. OPENLANE’s revenue was up 3.6% on a year-over-year basis. On average, sell-side analysts expect that OPENLANE, Inc. will post 0.78 EPS for the current year.

Analyst Ratings Changes

Separately, Barrington Research reaffirmed an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research note on Friday, September 20th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $19.60.

OPENLANE Company 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.