Verdence Capital Advisors LLC Purchases 793 Shares of OPENLANE, Inc. (NYSE:KAR)

Verdence Capital Advisors LLC boosted its position in OPENLANE, Inc. (NYSE:KAR) by 5.3% during the 3rd quarter, Holdings Channel reports. The fund owned 15,822 shares of the specialty retailer’s stock after buying an additional 793 shares during the period. Verdence Capital Advisors LLC’s holdings in OPENLANE were worth $267,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Fifth Third Bancorp raised its holdings in OPENLANE by 175.5% during the second quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock worth $27,000 after buying an additional 1,018 shares during the last quarter. Quarry LP increased its holdings in OPENLANE by 201.4% during the 2nd 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 purchased a new stake in shares of OPENLANE in the second quarter worth approximately $81,000. Creative Planning bought a new position in shares of OPENLANE in the third quarter valued at approximately $193,000. Finally, MQS Management LLC bought a new position in shares of OPENLANE in the second quarter valued at approximately $204,000. Institutional investors and hedge funds own 99.76% of the company’s stock.

OPENLANE Price Performance

NYSE:KAR opened at $20.21 on Wednesday. OPENLANE, Inc. has a 1 year low of $12.86 and a 1 year high of $20.45. The business has a fifty day simple moving average of $16.59 and a two-hundred day simple moving average of $17.00. The company has a market capitalization of $2.20 billion, a P/E ratio of 77.73, a P/E/G ratio of 1.88 and a beta of 1.44.

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

Analysts Set New Price Targets

Separately, Barrington Research reaffirmed an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a report on Monday, November 4th.

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.