OPENLANE, Inc. (NYSE:KAR) Shares Purchased by Wells Fargo & Company MN

Wells Fargo & Company MN boosted its stake in OPENLANE, Inc. (NYSE:KAR) by 26.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 64,040 shares of the specialty retailer’s stock after acquiring an additional 13,551 shares during the period. Wells Fargo & Company MN owned 0.06% of OPENLANE worth $1,271,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Integrated Quantitative Investments LLC acquired a new position in OPENLANE during the 4th quarter worth approximately $1,397,000. Arrowstreet Capital Limited Partnership increased its position in OPENLANE by 10.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 622,190 shares of the specialty retailer’s stock worth $12,344,000 after purchasing an additional 56,531 shares during the period. Pictet Asset Management Holding SA increased its position in OPENLANE by 15.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 13,092 shares of the specialty retailer’s stock worth $260,000 after purchasing an additional 1,765 shares during the period. Norges Bank acquired a new position in OPENLANE during the 4th quarter worth approximately $7,007,000. Finally, Homestead Advisers Corp increased its position in OPENLANE by 33.3% during the 4th quarter. Homestead Advisers Corp now owns 152,500 shares of the specialty retailer’s stock worth $3,026,000 after purchasing an additional 38,100 shares during the period. Institutional investors and hedge funds own 99.76% of the company’s stock.

OPENLANE Price Performance

Shares of NYSE:KAR opened at $18.22 on Tuesday. OPENLANE, Inc. has a 12 month low of $15.44 and a 12 month high of $22.47. The business’s 50 day simple moving average is $19.89 and its 200-day simple moving average is $19.62. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of 34.38, a price-to-earnings-growth ratio of 1.85 and a beta of 1.38.

OPENLANE (NYSE:KAR) last posted its earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The firm had revenue of $455.00 million for the quarter, compared to analyst estimates of $416.64 million. On average, equities analysts anticipate that OPENLANE, Inc. will post 0.95 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on KAR. JPMorgan Chase & Co. cut OPENLANE from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $23.00 to $20.00 in a research report on Thursday, March 27th. Barrington Research reissued an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research note on Friday, February 21st. StockNews.com lowered OPENLANE from a “buy” rating to a “hold” rating in a research note on Friday, March 28th. Finally, Stephens raised OPENLANE from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $20.00 to $26.00 in a research note on Friday, February 28th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, OPENLANE currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.75.

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.