Openlane (NYSE:OPLN) Shares Gap Down – Here’s What Happened

Openlane (NYSE:OPLN)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $36.50, but opened at $35.15. Openlane shares last traded at $35.0550, with a volume of 638,671 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on OPLN shares. Robert W. Baird set a $40.00 target price on shares of Openlane in a research note on Wednesday, May 6th. Zacks Research raised shares of Openlane from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Openlane in a report on Friday, May 29th. JPMorgan Chase & Co. raised Openlane from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $33.00 to $38.00 in a research note on Wednesday, May 27th. Finally, Stephens restated an “overweight” rating and set a $42.00 price objective on shares of Openlane in a report on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $43.83.

Openlane Trading Down 0.1%

The stock’s 50 day moving average is $39.10 and its two-hundred day moving average is $33.79. The company has a market capitalization of $4.33 billion, a PE ratio of -41.51, a price-to-earnings-growth ratio of 2.18 and a beta of 1.28. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.34.

Openlane (NYSE:OPLN) last posted its earnings results on Tuesday, August 4th. The company reported $0.40 EPS for the quarter, beating 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 business had revenue of $554.60 million for the quarter. Openlane’s revenue for the quarter was up 15.1% on a year-over-year basis. Openlane has set its FY 2026 guidance at 1.400-1.500 EPS. As a group, sell-side analysts predict that Openlane will post 1.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Openlane

Institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. lifted its holdings in Openlane by 6.8% during the first quarter. PNC Financial Services Group Inc. now owns 5,549 shares of the company’s stock worth $162,000 after buying an additional 353 shares during the period. Versant Capital Management Inc increased its holdings in shares of Openlane by 94.2% in the 2nd quarter. Versant Capital Management Inc now owns 979 shares of the company’s stock valued at $40,000 after acquiring an additional 475 shares during the period. Salomon & Ludwin LLC purchased a new position in shares of Openlane in the 4th quarter valued at $26,000. First Horizon Corp bought a new position in shares of Openlane in the 4th quarter worth $27,000. Finally, Allworth Financial LP bought a new position in shares of Openlane in the 4th quarter worth $38,000. 99.76% of the stock is owned by hedge funds and other institutional investors.

About Openlane

Openlane, Inc operates a digital wholesale vehicle marketplace that facilitates the remarketing of used vehicles for commercial consignors and retail dealers. The company provides an online auction platform that enables buyers and sellers to transact in real time, connecting franchised and independent dealers, fleet operators, rental companies, manufacturers and financial institutions. Its marketplace focuses on vehicles from lease returns, fleet and commercial fleets, repossessions and dealer trade-ins.

In addition to the core auction and listing services, Openlane offers a suite of remarketing support services designed to simplify the end-to-end sale process.