Openlane (NYSE:OPLN) Stock Rated “Moderate Buy” by Wall Street Brokerages

Shares of Openlane (NYSE:OPLN) have been given a consensus rating of “Moderate Buy” by the seven brokerages that are covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $43.83.

A number of research analysts recently issued reports on the stock. Barclays boosted their price objective on shares of Openlane from $46.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Zacks Research lowered shares of Openlane from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. Wall Street Zen cut shares of Openlane from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Openlane in a report on Wednesday, August 26th. Finally, Northcoast Research set a $50.00 price objective on shares of Openlane in a research report on Wednesday, August 5th.

Top Openlane Stories

Here are a few of the latest stories about OPLN:

• Positive Sentiment: In its latest reported quarter, Openlane posted earnings of $0.43 per share, beating the $0.39 consensus estimate, while revenue rose 12.6% year over year to $561.2 million.
• Negative Sentiment: Several executives and a director sold shares: EVP Charles Coleman sold 38,769 shares, and a separate filing reported another 1,207-share sale; EVP Tobin Richer sold 3,458 shares; and director Michael Kestner sold 8,000 shares, reducing his position by 73.25%. Multiple insider sales can raise concerns about management and director confidence, though sales alone do not establish their reasons. Insider sale details

Insider Activity

In other news, Director Michael T. Kestner sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, November 11th. The stock was sold at an average price of $35.23, for a total transaction of $281,840.00. Following the sale, the director owned 2,922 shares of the company’s stock, valued at $102,942.06. This trade represents a 73.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Peter J. Kelly purchased 14,830 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were acquired at an average cost of $33.72 per share, for a total transaction of $500,067.60. Following the transaction, the chief executive officer owned 14,830 shares of the company’s stock, valued at $500,067.60. This trade represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders sold 170,685 shares of company stock valued at $6,027,636. Company insiders own 2.22% of the company’s stock.

Institutional Trading of Openlane

Large investors have recently bought and sold shares of the business. Salomon & Ludwin LLC raised its holdings in Openlane by 61.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 1,066 shares of the company’s stock worth $36,000 after buying an additional 405 shares during the period. Versant Capital Management Inc lifted its stake in Openlane by 94.2% in the second quarter. Versant Capital Management Inc now owns 979 shares of the company’s stock valued at $40,000 after buying an additional 475 shares in the last quarter. Nykredit A S acquired a new position in shares of Openlane in the second quarter valued at approximately $46,000. Allworth Financial LP acquired a new position in shares of Openlane in the second quarter valued at approximately $56,000. Finally, Persistent Asset Partners Ltd acquired a new position in shares of Openlane in the second quarter valued at approximately $75,000. 99.76% of the stock is owned by institutional investors.

Openlane Trading Up 1.0%

OPLN traded up $0.34 during midday trading on Tuesday, reaching $35.08. 589,385 shares of the company were exchanged, compared to its average volume of 1,022,194. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.16 and a current ratio of 1.16. Openlane has a one year low of $24.32 and a one year high of $42.90. The stock has a market capitalization of $4.26 billion, a P/E ratio of -47.41, a PEG ratio of 1.55 and a beta of 1.35. The stock’s 50-day simple moving average is $35.95 and its 200 day simple moving average is $34.42.

Openlane (NYSE:OPLN) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.04. The company had revenue of $561.20 million during the quarter. Openlane had a return on equity of 12.74% and a net margin of 9.23%. The firm’s revenue was up 12.6% on a year-over-year basis. As a group, analysts forecast that Openlane will post 1.49 earnings per share for the current fiscal year.

About Openlane

OPENLANE operates a digital marketplace for wholesale used vehicles, connecting vehicle sellers—including dealers, fleet operators, financial institutions and manufacturers—with professional buyers. Its online auction platform supports the buying and selling of vehicles across multiple channels. The company also provides services that support wholesale transactions, such as vehicle condition information, title processing and transportation coordination. OPENLANE serves customers in the United States, Canada and Europe.