Gabelli Funds LLC Acquires 70,462 Shares of OPENLANE, Inc. $KAR

Gabelli Funds LLC boosted its holdings in shares of OPENLANE, Inc. (NYSE:KAR) by 39.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 250,462 shares of the specialty retailer’s stock after buying an additional 70,462 shares during the quarter. Gabelli Funds LLC owned about 0.24% of OPENLANE worth $6,124,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. North Star Investment Management Corp. boosted its stake in shares of OPENLANE by 77.6% during the 2nd quarter. North Star Investment Management Corp. now owns 1,575 shares of the specialty retailer’s stock worth $39,000 after acquiring an additional 688 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in OPENLANE by 29.0% during the first quarter. Smartleaf Asset Management LLC now owns 3,270 shares of the specialty retailer’s stock worth $63,000 after purchasing an additional 735 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new stake in OPENLANE during the first quarter worth approximately $75,000. CWM LLC grew its holdings in OPENLANE by 13.3% during the second quarter. CWM LLC now owns 4,756 shares of the specialty retailer’s stock valued at $116,000 after purchasing an additional 558 shares during the last quarter. Finally, Financiere des Professionnels Fonds d investissement inc. bought a new position in shares of OPENLANE in the second quarter valued at approximately $156,000. Institutional investors and hedge funds own 99.76% of the company’s stock.

Insider Buying and Selling

In other OPENLANE news, EVP Charles S. Coleman sold 88,062 shares of OPENLANE stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $26.00, for a total transaction of $2,289,612.00. Following the sale, the executive vice president owned 53,474 shares in the company, valued at $1,390,324. The trade was a 62.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.32% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on KAR. Weiss Ratings reaffirmed a “buy (b)” rating on shares of OPENLANE in a report on Monday. Zacks Research upgraded shares of OPENLANE from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. JPMorgan Chase & Co. lifted their price objective on OPENLANE from $28.00 to $29.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Wall Street Zen cut OPENLANE from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Stephens increased their target price on OPENLANE from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, September 10th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $30.20.

OPENLANE Stock Performance

NYSE KAR opened at $27.03 on Wednesday. OPENLANE, Inc. has a twelve month low of $17.08 and a twelve month high of $30.93. The stock has a market cap of $2.87 billion, a PE ratio of 31.07, a PEG ratio of 1.30 and a beta of 1.25. The firm has a 50-day simple moving average of $26.18 and a 200 day simple moving average of $26.11.

OPENLANE (NYSE:KAR) last issued its quarterly earnings results on Wednesday, November 5th. The specialty retailer reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.05. The firm had revenue of $498.40 million for the quarter, compared to analyst estimates of $464.40 million. OPENLANE had a return on equity of 12.42% and a net margin of 9.00%.The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.26 earnings per share. OPENLANE has set its FY 2025 guidance at 1.220-1.26 EPS. Research analysts forecast that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

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.