MQS Management LLC Takes $204,000 Position in OPENLANE, Inc. (NYSE:KAR)

MQS Management LLC purchased a new position in shares of OPENLANE, Inc. (NYSE:KAR) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 12,304 shares of the specialty retailer’s stock, valued at approximately $204,000.

Other institutional investors have also added to or reduced their stakes in the company. TFO Wealth Partners LLC raised its position in shares of OPENLANE by 16,018.2% during the fourth quarter. TFO Wealth Partners LLC now owns 1,773 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 1,762 shares during the period. 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. Innealta Capital LLC bought a new position in shares of OPENLANE in the second quarter valued at $81,000. Teacher Retirement System of Texas acquired a new position in shares of OPENLANE during the fourth quarter valued at about $164,000. Finally, Versor Investments LP bought a new stake in shares of OPENLANE during the second quarter worth about $213,000. 99.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Barrington Research reaffirmed an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research report on Friday. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.60.

OPENLANE Price Performance

Shares of KAR stock opened at $16.63 on Friday. The firm has a 50-day moving average of $17.23 and a 200-day moving average of $17.06. OPENLANE, Inc. has a one year low of $12.86 and a one year high of $18.73. The company has a market cap of $1.80 billion, a P/E ratio of -9.29, a P/E/G ratio of 1.65 and a beta of 1.44.

OPENLANE (NYSE:KAR) last posted its earnings results on Wednesday, August 7th. The specialty retailer reported $0.19 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.02). OPENLANE had a return on equity of 7.85% and a net margin of 3.39%. The firm had revenue of $431.80 million for the quarter, compared to the consensus estimate of $426.11 million. During the same period in the prior year, the business earned $0.25 EPS. OPENLANE’s quarterly revenue was up 3.6% compared to the same quarter last year. As a group, research analysts expect that OPENLANE, Inc. will post 0.78 earnings per share for the current fiscal 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.