State of Alaska Department of Revenue Has $1.57 Million Stake in OPENLANE, Inc. $KAR

State of Alaska Department of Revenue grew its holdings in OPENLANE, Inc. (NYSE:KAR) by 8.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 64,022 shares of the specialty retailer’s stock after buying an additional 4,821 shares during the period. State of Alaska Department of Revenue owned 0.06% of OPENLANE worth $1,565,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Burgundy Asset Management Ltd. lifted its holdings in OPENLANE by 7.0% during the 1st quarter. Burgundy Asset Management Ltd. now owns 9,925,661 shares of the specialty retailer’s stock worth $191,367,000 after purchasing an additional 647,164 shares during the last quarter. Hawk Ridge Capital Management LP lifted its holdings in OPENLANE by 11.2% during the 1st quarter. Hawk Ridge Capital Management LP now owns 4,577,285 shares of the specialty retailer’s stock worth $88,250,000 after purchasing an additional 461,976 shares during the last quarter. Brown Advisory Inc. lifted its holdings in OPENLANE by 14.6% during the 1st quarter. Brown Advisory Inc. now owns 2,538,477 shares of the specialty retailer’s stock worth $48,942,000 after purchasing an additional 323,696 shares during the last quarter. Northern Trust Corp lifted its holdings in OPENLANE by 16.0% during the 1st quarter. Northern Trust Corp now owns 1,586,179 shares of the specialty retailer’s stock worth $30,582,000 after purchasing an additional 219,261 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in OPENLANE by 32.6% during the 1st quarter. Invesco Ltd. now owns 1,148,034 shares of the specialty retailer’s stock worth $22,134,000 after purchasing an additional 282,021 shares during the last quarter. 99.76% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on KAR shares. Stephens lifted their price target on OPENLANE from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, September 10th. Bank of America lifted their price target on OPENLANE from $22.00 to $25.00 and gave the stock a “neutral” rating in a report on Monday, June 16th. Barrington Research lifted their price target on OPENLANE from $25.00 to $30.00 and gave the stock an “outperform” rating in a report on Wednesday, August 6th. JPMorgan Chase & Co. lifted their price target on OPENLANE from $22.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of OPENLANE in a research note on Saturday, September 27th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $28.75.

Insiders Place Their Bets

In other OPENLANE news, EVP James P. Coyle sold 194,575 shares of OPENLANE stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $27.94, for a total transaction of $5,436,425.50. Following the transaction, the executive vice president directly owned 36,851 shares of the company’s stock, valued at approximately $1,029,616.94. The trade was a 84.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Charles S. Coleman sold 59,289 shares of OPENLANE stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $27.97, for a total value of $1,658,313.33. Following the transaction, the executive vice president directly owned 53,474 shares in the company, valued at $1,495,667.78. The trade was a 52.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.51% of the company’s stock.

OPENLANE Stock Performance

Shares of KAR opened at $28.32 on Friday. OPENLANE, Inc. has a 52-week low of $15.44 and a 52-week high of $30.93. The business’s fifty day moving average is $28.11 and its 200-day moving average is $23.97. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 38.27, a PEG ratio of 2.96 and a beta of 1.33.

OPENLANE (NYSE:KAR) last issued its quarterly earnings data on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.09. The business had revenue of $481.70 million for the quarter, compared to analyst estimates of $453.26 million. OPENLANE had a return on equity of 11.65% and a net margin of 8.18%.OPENLANE’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 EPS. As a group, research analysts forecast that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

OPENLANE 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.