Openlane $OPLN Shares Newly Purchased by Summit Global Investments

Summit Global Investments purchased a new stake in shares of Openlane (NYSE:OPLN) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 25,094 shares of the company’s stock, valued at approximately $856,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Openlane during the second quarter worth about $660,070,000. Hawk Ridge Capital Management LP raised its stake in shares of Openlane by 72.5% in the first quarter. Hawk Ridge Capital Management LP now owns 4,967,144 shares of the company’s stock valued at $144,792,000 after acquiring an additional 2,087,200 shares during the last quarter. Park West Asset Management LLC bought a new position in shares of Openlane in the second quarter valued at approximately $46,368,000. Bank of New York Mellon Corp acquired a new position in shares of Openlane in the 2nd quarter worth approximately $32,668,000. Finally, Kimelman & Baird LLC acquired a new position in shares of Openlane in the 2nd quarter worth approximately $31,447,000. 99.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on OPLN. Barclays increased their price target on Openlane from $46.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Bank of America lifted their price objective on Openlane from $37.00 to $44.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Wall Street Zen lowered Openlane from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Weiss Ratings restated a “hold (c)” rating on shares of Openlane in a report on Wednesday, August 26th. Finally, Zacks Research cut Openlane from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Openlane presently has a consensus rating of “Moderate Buy” and an average price target of $43.83.

Openlane Trading Up 1.3%

Shares of NYSE OPLN opened at $39.52 on Tuesday. Openlane has a 1-year low of $24.32 and a 1-year high of $42.90. The company has a market cap of $4.85 billion, a PE ratio of -46.49, a P/E/G ratio of 1.77 and a beta of 1.28. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.34. The company has a 50-day moving average of $35.81 and a two-hundred day moving average of $34.21.

Openlane (NYSE:OPLN) last announced its earnings results on Tuesday, August 4th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05. Openlane had a net margin of 9.67% and a return on equity of 12.81%. The company had revenue of $554.60 million for the quarter. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, equities analysts expect that Openlane will post 1.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Openlane

In related news, CEO Peter Kelly purchased 14,830 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was acquired at an average price of $33.72 per share, with a total value of $500,067.60. Following the completion of the acquisition, the chief executive officer directly owned 14,830 shares in the company, valued at approximately $500,067.60. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.22% of the stock is currently owned by corporate insiders.

About Openlane

OPENLANE, Inc (NYSE: OPLN) operates a digital marketplace and technology platform for the wholesale vehicle industry. The company helps automotive dealers, manufacturers, fleet operators, rental companies and financial institutions buy and sell used vehicles through online and physical auction channels.

Its services include wholesale vehicle auctions, vehicle inspection and condition reporting, transportation and logistics, financing support, title and documentation services, and other tools designed to simplify the remarketing process.