Amalgamated Bank Sells 868 Shares of OPENLANE, Inc. (NYSE:KAR)

Amalgamated Bank cut its stake in OPENLANE, Inc. (NYSE:KAR) by 2.6% during the third quarter, HoldingsChannel reports. The firm owned 32,118 shares of the specialty retailer’s stock after selling 868 shares during the period. Amalgamated Bank’s holdings in OPENLANE were worth $542,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Fifth Third Bancorp grew its holdings in shares of OPENLANE by 175.5% in the second quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock worth $27,000 after purchasing an additional 1,018 shares during the last quarter. Quarry LP grew its holdings in shares of OPENLANE by 201.4% in the second quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock worth $39,000 after purchasing an additional 1,587 shares during the last quarter. Innealta Capital LLC bought a new position in shares of OPENLANE in the second quarter worth about $81,000. Creative Planning bought a new position in shares of OPENLANE in the third quarter worth about $193,000. Finally, MQS Management LLC bought a new position in shares of OPENLANE in the second quarter worth about $204,000. 99.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Barrington Research reiterated an “outperform” rating and set a $25.00 target price on shares of OPENLANE in a report on Monday, November 4th.

Insider Buying and Selling at OPENLANE

In other news, CFO Brad S. Lakhia purchased 4,985 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was acquired at an average cost of $20.06 per share, with a total value of $99,999.10. Following the completion of the transaction, the chief financial officer now owns 14,303 shares in the company, valued at $286,918.18. This represents a 53.50 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.32% of the company’s stock.

OPENLANE Price Performance

Shares of OPENLANE stock opened at $19.86 on Friday. OPENLANE, Inc. has a 1 year low of $12.86 and a 1 year high of $20.45. The firm’s 50-day moving average is $16.77 and its two-hundred day moving average is $17.05. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of 76.38, a PEG ratio of 1.91 and a beta of 1.44.

OPENLANE (NYSE:KAR) last issued its earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. The company had revenue of $448.00 million for the quarter, compared to analysts’ expectations of $431.68 million. During the same period in the prior year, the business earned $0.18 EPS. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. On average, equities analysts expect that OPENLANE, Inc. will post 0.85 earnings per share for the current 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.