Quantbot Technologies LP Boosts 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 its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,734 shares of the specialty retailer’s stock after purchasing an additional 8,419 shares during the period. Quantbot Technologies LP’s holdings in OPENLANE were worth $569,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of KAR. Fifth Third Bancorp grew its holdings in shares of 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 raised its holdings in 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 position in OPENLANE in the second quarter worth $81,000. Creative Planning purchased a new position in OPENLANE during the third quarter valued at $193,000. Finally, MQS Management LLC bought a new stake in shares of OPENLANE during the 2nd quarter valued at $204,000. Hedge funds and other institutional investors own 99.76% of the company’s stock.

Analyst Ratings Changes

KAR has been the subject of a number of recent research reports. Barrington Research reissued an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research report on Monday, November 4th. JPMorgan Chase & Co. boosted their price target on OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, OPENLANE has an average rating of “Moderate Buy” and an average price target of $20.20.

Insiders Place Their Bets

In related news, CFO Brad S. Lakhia bought 4,985 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was acquired at an average cost of $20.06 per share, for a total transaction of $99,999.10. Following the purchase, the chief financial officer now owns 14,303 shares in the company, valued at approximately $286,918.18. This represents a 53.50 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.32% of the stock is owned by insiders.

OPENLANE Stock Performance

NYSE:KAR opened at $20.08 on Tuesday. The firm has a market cap of $2.15 billion, a P/E ratio of 77.23, a P/E/G ratio of 2.01 and a beta of 1.44. OPENLANE, Inc. has a fifty-two week low of $12.86 and a fifty-two week high of $20.45. The firm has a 50-day simple moving average of $17.55 and a two-hundred day simple moving average of $17.22.

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

About OPENLANE

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.