Quantbot Technologies LP Raises Stock Holdings in OPENLANE, Inc. (NYSE:KAR)

Quantbot Technologies LP grew its stake in shares of OPENLANE, Inc. (NYSE:KAR) by 33.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,734 shares of the specialty retailer’s stock after buying an additional 8,419 shares during the period. Quantbot Technologies LP’s holdings in OPENLANE were worth $569,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in KAR. Fifth Third Bancorp raised its stake in OPENLANE by 175.5% during the 2nd quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock worth $27,000 after acquiring an additional 1,018 shares during the period. Quarry LP increased its stake in shares of OPENLANE by 201.4% in the second quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock worth $39,000 after purchasing an additional 1,587 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of OPENLANE during the 2nd quarter valued at $81,000. Creative Planning purchased a new position in shares of OPENLANE during the 3rd quarter valued at $193,000. Finally, MQS Management LLC bought a new position in OPENLANE in the 2nd quarter worth $204,000. 99.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on KAR shares. JPMorgan Chase & Co. boosted their price objective on OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Barrington Research reissued an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.20.

Insider Activity at OPENLANE

In other OPENLANE news, CFO Brad S. Lakhia bought 4,985 shares of OPENLANE stock in a transaction dated Wednesday, November 13th. The shares were purchased at an average cost of $20.06 per share, for a total transaction of $99,999.10. Following the acquisition, the chief financial officer now directly owns 14,303 shares in the company, valued at approximately $286,918.18. This represents a 53.50 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 2.32% of the stock is owned by insiders.

OPENLANE Stock Down 0.6 %

Shares of OPENLANE stock opened at $20.08 on Tuesday. The firm has a market cap of $2.15 billion, a price-to-earnings ratio of 77.23, a PEG ratio of 2.01 and a beta of 1.44. OPENLANE, Inc. has a twelve month low of $12.86 and a twelve month high of $20.45. The business has a 50-day moving average price of $17.55 and a 200-day moving average price of $17.22.

OPENLANE (NYSE:KAR) last released its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $448.00 million for the quarter, compared to the consensus estimate of $431.68 million. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 EPS. On average, equities analysts expect that OPENLANE, Inc. will post 0.84 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.