OPENLANE, Inc. (NYSE:KAR) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC grew its holdings in OPENLANE, Inc. (NYSE:KAR) by 1,949.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,033 shares of the specialty retailer’s stock after acquiring an additional 40,933 shares during the period. GAMMA Investing LLC’s holdings in OPENLANE were worth $830,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of KAR. Canada Pension Plan Investment Board acquired a new position in shares of OPENLANE during the fourth quarter worth about $34,000. Quarry LP grew its position in OPENLANE by 414.6% during the fourth quarter. Quarry LP now owns 2,182 shares of the specialty retailer’s stock worth $43,000 after buying an additional 1,758 shares during the period. Smartleaf Asset Management LLC increased its holdings in OPENLANE by 435.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer’s stock valued at $51,000 after buying an additional 2,062 shares in the last quarter. Johnson Financial Group Inc. purchased a new position in OPENLANE in the fourth quarter valued at about $68,000. Finally, Quantessence Capital LLC purchased a new position in OPENLANE in the fourth quarter valued at about $202,000. 99.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Bank of America increased their target price on shares of OPENLANE from $22.00 to $25.00 and gave the company a “neutral” rating in a report on Monday. JPMorgan Chase & Co. cut shares of OPENLANE from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $23.00 to $20.00 in a research note on Thursday, March 27th. Wall Street Zen raised shares of OPENLANE from a “hold” rating to a “buy” rating in a research note on Friday, May 9th. Stephens raised shares of OPENLANE from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $20.00 to $26.00 in a research note on Friday, February 28th. Finally, Barrington Research reissued an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research note on Friday, February 21st. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.00.

Insider Buying and Selling

In other OPENLANE news, EVP James P. Coyle sold 7,000 shares of OPENLANE stock in a transaction on Friday, May 9th. The shares were sold at an average price of $21.72, for a total value of $152,040.00. Following the transaction, the executive vice president now owns 36,511 shares in the company, valued at $793,018.92. This trade represents a 16.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.32% of the stock is owned by company insiders.

OPENLANE Stock Performance

Shares of NYSE KAR opened at $22.29 on Wednesday. OPENLANE, Inc. has a 1 year low of $15.44 and a 1 year high of $24.42. The firm’s 50 day moving average price is $21.06 and its 200 day moving average price is $20.62. The firm has a market cap of $2.39 billion, a P/E ratio of 33.77, a price-to-earnings-growth ratio of 6.86 and a beta of 1.40.

OPENLANE (NYSE:KAR) last announced its earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.07. OPENLANE had a net margin of 7.15% and a return on equity of 10.38%. The firm had revenue of $460.10 million for the quarter, compared to analyst estimates of $445.70 million. During the same quarter last year, the business earned $0.19 earnings per share. OPENLANE’s revenue was up 7.0% compared to the same quarter last year. As a group, equities analysts predict that OPENLANE, Inc. will post 0.95 EPS for the current 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.