OPENLANE, Inc. (NYSE:KAR) Shares Purchased by Invenomic Capital Management LP

Invenomic Capital Management LP increased its holdings in shares of OPENLANE, Inc. (NYSE:KAR) by 277.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,529,680 shares of the specialty retailer’s stock after purchasing an additional 1,123,953 shares during the quarter. OPENLANE accounts for approximately 1.4% of Invenomic Capital Management LP’s portfolio, making the stock its 21st biggest position. Invenomic Capital Management LP owned about 1.41% of OPENLANE worth $26,463,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of KAR. Oak Thistle LLC acquired a new stake in shares of OPENLANE during the 4th quarter worth about $190,000. International Assets Investment Management LLC increased its position in shares of OPENLANE by 1,381.0% during the 4th quarter. International Assets Investment Management LLC now owns 17,402 shares of the specialty retailer’s stock worth $258,000 after purchasing an additional 16,227 shares during the last quarter. Louisiana State Employees Retirement System acquired a new stake in shares of OPENLANE during the 4th quarter worth about $800,000. Mackenzie Financial Corp acquired a new stake in shares of OPENLANE during the 4th quarter worth about $846,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in OPENLANE by 11.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,716 shares of the specialty retailer’s stock valued at $292,000 after acquiring an additional 2,000 shares during the period. 99.76% of the stock is owned by institutional investors and hedge funds.

OPENLANE Price Performance

Shares of OPENLANE stock remained flat at $17.89 on Tuesday. The stock had a trading volume of 516,607 shares, compared to its average volume of 716,641. OPENLANE, Inc. has a 1-year low of $12.86 and a 1-year high of $18.73. The company has a market capitalization of $1.94 billion, a P/E ratio of -9.99, a P/E/G ratio of 1.20 and a beta of 1.44. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.15 and a current ratio of 1.15. The stock’s fifty day moving average is $17.05 and its 200 day moving average is $16.42.

OPENLANE (NYSE:KAR) last announced its quarterly earnings data on Wednesday, May 1st. The specialty retailer reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.02). OPENLANE had a positive return on equity of 8.53% and a negative net margin of 9.04%. The company had revenue of $416.30 million for the quarter, compared to analyst estimates of $425.19 million. During the same period in the prior year, the firm posted $0.12 earnings per share. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. On average, research analysts predict that OPENLANE, Inc. will post 0.8 earnings per share for the current fiscal year.

Analysts Set New Price Targets

KAR has been the subject of several research reports. Robert W. Baird lifted their target price on OPENLANE from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Thursday, May 2nd. Bank of America raised OPENLANE from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $16.00 to $20.00 in a research report on Wednesday, April 10th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a research report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $19.60.

Insider Transactions at OPENLANE

In other news, EVP James P. Coyle sold 6,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $18.09, for a total transaction of $108,540.00. Following the completion of the transaction, the executive vice president now directly owns 23,885 shares of the company’s stock, valued at $432,079.65. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.32% of the company’s stock.

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.