OPENLANE, Inc. $KAR is Burgundy Asset Management Ltd.’s 6th Largest Position

Burgundy Asset Management Ltd. lifted its stake in OPENLANE, Inc. (NYSE:KAR) by 3.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 10,306,027 shares of the specialty retailer’s stock after purchasing an additional 380,366 shares during the period. OPENLANE makes up about 2.5% of Burgundy Asset Management Ltd.’s investment portfolio, making the stock its 6th biggest position. Burgundy Asset Management Ltd. owned about 0.10% of OPENLANE worth $251,982,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. North Star Investment Management Corp. increased its stake in shares of OPENLANE by 77.6% in the 2nd quarter. North Star Investment Management Corp. now owns 1,575 shares of the specialty retailer’s stock worth $39,000 after acquiring an additional 688 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of OPENLANE by 29.0% in the first quarter. Smartleaf Asset Management LLC now owns 3,270 shares of the specialty retailer’s stock valued at $63,000 after purchasing an additional 735 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in OPENLANE during the first quarter worth about $75,000. CWM LLC raised its stake in OPENLANE by 13.3% during the second quarter. CWM LLC now owns 4,756 shares of the specialty retailer’s stock worth $116,000 after purchasing an additional 558 shares during the period. Finally, Financiere des Professionnels Fonds d investissement inc. purchased a new position in OPENLANE during the second quarter worth about $156,000. Institutional investors and hedge funds own 99.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on KAR. JPMorgan Chase & Co. raised their price target on shares of OPENLANE from $28.00 to $29.00 and gave the stock a “neutral” rating in a report on Thursday, November 6th. Zacks Research raised OPENLANE from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Wall Street Zen downgraded OPENLANE from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Stephens increased their price target on OPENLANE from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, September 10th. Finally, Barclays began coverage on shares of OPENLANE in a report on Tuesday, November 11th. They issued an “overweight” rating and a $32.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.20.

OPENLANE Stock Up 1.6%

KAR opened at $26.19 on Friday. OPENLANE, Inc. has a 52 week low of $17.08 and a 52 week high of $30.93. The business has a fifty day simple moving average of $26.25 and a 200-day simple moving average of $26.02. The firm has a market cap of $2.78 billion, a P/E ratio of 30.10, a P/E/G ratio of 1.29 and a beta of 1.25.

OPENLANE (NYSE:KAR) last posted its earnings results on Wednesday, November 5th. The specialty retailer reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.05. OPENLANE had a return on equity of 12.42% and a net margin of 9.00%.The firm had revenue of $498.40 million for the quarter, compared to analyst estimates of $464.40 million. During the same quarter in the prior year, the company earned $0.26 EPS. OPENLANE’s revenue was up 8.4% on a year-over-year basis. OPENLANE has set its FY 2025 guidance at 1.220-1.26 EPS. Sell-side analysts expect that OPENLANE, Inc. will post 0.95 earnings per share for the current year.

Insider Buying and Selling at OPENLANE

In related news, EVP Charles S. Coleman sold 88,062 shares of OPENLANE stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $26.00, for a total value of $2,289,612.00. Following the completion of the transaction, the executive vice president owned 53,474 shares in the company, valued at approximately $1,390,324. The trade was a 62.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.51% of the company’s stock.

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.