Victory Capital Management Inc. Buys 30,196 Shares of OPENLANE, Inc. (NYSE:KAR)

Victory Capital Management Inc. raised its stake in shares of OPENLANE, Inc. (NYSE:KAR) by 92.2% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 62,955 shares of the specialty retailer’s stock after acquiring an additional 30,196 shares during the period. Victory Capital Management Inc.’s holdings in OPENLANE were worth $1,249,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of KAR. Clifford Capital Partners LLC bought a new position in OPENLANE during the 3rd quarter valued at about $10,309,000. Barclays PLC lifted its stake in OPENLANE by 344.7% during the 3rd quarter. Barclays PLC now owns 178,964 shares of the specialty retailer’s stock valued at $3,022,000 after acquiring an additional 138,720 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of OPENLANE by 32.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 545,404 shares of the specialty retailer’s stock worth $9,206,000 after purchasing an additional 133,767 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of OPENLANE by 14.5% in the 4th quarter. Bank of New York Mellon Corp now owns 884,553 shares of the specialty retailer’s stock worth $17,550,000 after purchasing an additional 111,798 shares during the period. Finally, Intech Investment Management LLC bought a new position in shares of OPENLANE in the 3rd quarter worth approximately $1,440,000. Institutional investors own 99.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on KAR shares. Stephens upgraded shares of OPENLANE from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $20.00 to $26.00 in a research note on Friday, February 28th. Barrington Research reiterated an “outperform” rating and issued a $25.00 price objective on shares of OPENLANE in a research note on Friday, February 21st. StockNews.com cut shares of OPENLANE from a “buy” rating to a “hold” rating in a research note on Saturday, February 22nd. Finally, JPMorgan Chase & Co. raised their target price on shares of OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, OPENLANE presently has an average rating of “Moderate Buy” and a consensus price target of $22.80.

OPENLANE Price Performance

KAR stock opened at $21.06 on Thursday. The business has a 50-day moving average price of $20.74 and a 200 day moving average price of $19.07. OPENLANE, Inc. has a 1-year low of $15.44 and a 1-year high of $22.47. The company has a market capitalization of $2.25 billion, a P/E ratio of 39.73, a PEG ratio of 1.85 and a beta of 1.53.

OPENLANE (NYSE:KAR) last posted its earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.01. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The company had revenue of $455.00 million for the quarter, compared to analyst estimates of $416.64 million. On average, analysts anticipate 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.