Openlane $OPLN Stock: VIRGINIA RETIREMENT SYSTEMS ET Al Boosts Position

VIRGINIA RETIREMENT SYSTEMS ET Al boosted its position in Openlane (NYSE:OPLN) by 1,319.4% in the third quarter, Holdings Channel.com reports. The firm owned 102,200 shares of the company’s stock after buying an additional 95,000 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Openlane were worth $3,488,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in OPLN. Sterling Capital Management LLC raised its stake in Openlane by 8.3% during the third quarter. Sterling Capital Management LLC now owns 14,759 shares of the company’s stock valued at $504,000 after buying an additional 1,134 shares during the last quarter. Inspire Investing LLC boosted its position in shares of Openlane by 12.3% during the third quarter. Inspire Investing LLC now owns 18,480 shares of the company’s stock valued at $631,000 after buying an additional 2,020 shares during the last quarter. Yousif Capital Management LLC boosted its holdings in shares of Openlane by 3.5% during the 3rd quarter. Yousif Capital Management LLC now owns 29,661 shares of the company’s stock valued at $1,012,000 after acquiring an additional 992 shares during the last quarter. Kings Path Partners LLC bought a new stake in Openlane in the 3rd quarter worth approximately $311,000. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Openlane by 24.0% in the third quarter. Nisa Investment Advisors LLC now owns 7,716 shares of the company’s stock worth $263,000 after acquiring an additional 1,491 shares during the period. Institutional investors own 99.76% of the company’s stock.

Insiders Place Their Bets

In other Openlane news, CEO Peter Kelly purchased 14,830 shares of the stock in a transaction 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 owned 14,830 shares in the company, valued at $500,067.60. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 2.22% of the stock is currently owned by company insiders.

Openlane Price Performance

NYSE OPLN opened at $39.52 on Tuesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.17 and a current ratio of 1.17. 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 firm’s 50 day moving average price is $35.81 and its 200-day moving average price is $34.21. Openlane has a 52-week low of $24.32 and a 52-week high of $42.90.

Openlane (NYSE:OPLN) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.35 by $0.05. The business had revenue of $554.60 million during the quarter. Openlane had a net margin of 9.67% and a return on equity of 12.81%. Openlane’s revenue for the quarter was up 15.1% compared to the same quarter last year. Sell-side analysts forecast that Openlane will post 1.45 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on OPLN shares. Bank of America increased their price target on shares of Openlane from $37.00 to $44.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Wall Street Zen lowered shares of Openlane from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Barclays raised their price objective on Openlane from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Northcoast Research set a $50.00 price target on shares of Openlane in a research report on Wednesday, August 5th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Openlane in a research report on Wednesday, August 26th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Openlane currently has a consensus rating of “Moderate Buy” and an average target price of $43.83.

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.