Arrowstreet Capital Limited Partnership Raises Stock Holdings in OPENLANE, Inc. (NYSE:KAR)

Arrowstreet Capital Limited Partnership raised its stake in shares of OPENLANE, Inc. (NYSE:KAR) by 10.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 622,190 shares of the specialty retailer’s stock after purchasing an additional 56,531 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.58% of OPENLANE worth $12,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of KAR. Smartleaf Asset Management LLC raised its position in shares of OPENLANE by 435.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer’s stock valued at $51,000 after buying an additional 2,062 shares in the last quarter. KBC Group NV increased its stake in OPENLANE by 51.1% in the fourth quarter. KBC Group NV now owns 5,314 shares of the specialty retailer’s stock valued at $105,000 after acquiring an additional 1,798 shares during the last quarter. Pacer Advisors Inc. bought a new stake in OPENLANE during the fourth quarter worth about $187,000. Versor Investments LP bought a new stake in OPENLANE during the fourth quarter worth about $254,000. Finally, Pictet Asset Management Holding SA boosted its holdings in shares of OPENLANE by 15.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 13,092 shares of the specialty retailer’s stock worth $260,000 after purchasing an additional 1,765 shares in the last quarter. 99.76% of the stock is currently owned by institutional investors.

OPENLANE Stock Down 4.4 %

NYSE:KAR opened at $18.01 on Friday. The firm has a market capitalization of $1.93 billion, a P/E ratio of 33.98, a P/E/G ratio of 1.85 and a beta of 1.38. OPENLANE, Inc. has a 52 week low of $15.44 and a 52 week high of $22.47. The company has a fifty day moving average of $20.67 and a 200 day moving average of $19.36.

OPENLANE (NYSE:KAR) last posted its earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The company had revenue of $455.00 million during the quarter, compared to analyst estimates of $416.64 million. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. As a group, analysts anticipate that OPENLANE, Inc. will post 0.95 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on KAR shares. Stephens upgraded OPENLANE from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $20.00 to $26.00 in a research report on Friday, February 28th. JPMorgan Chase & Co. lowered shares of OPENLANE from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $23.00 to $20.00 in a report on Thursday, March 27th. StockNews.com lowered shares of OPENLANE from a “buy” rating to a “hold” rating in a report on Friday, March 28th. Finally, Barrington Research reissued an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.20.

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.