Envestnet Asset Management Inc. Raises Stock Holdings in OPENLANE, Inc. $KAR

Envestnet Asset Management Inc. boosted its holdings in shares of OPENLANE, Inc. (NYSE:KAR) by 41.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 88,749 shares of the specialty retailer’s stock after purchasing an additional 26,093 shares during the quarter. Envestnet Asset Management Inc.’s holdings in OPENLANE were worth $2,170,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Cerity Partners LLC bought a new stake in shares of OPENLANE in the first quarter worth $531,000. CWM LLC grew its holdings in OPENLANE by 34.5% during the 1st quarter. CWM LLC now owns 4,198 shares of the specialty retailer’s stock worth $81,000 after acquiring an additional 1,077 shares in the last quarter. Jennison Associates LLC bought a new stake in shares of OPENLANE in the 1st quarter worth about $1,130,000. Guidance Capital Inc. lifted its position in shares of OPENLANE by 15.1% during the first quarter. Guidance Capital Inc. now owns 26,304 shares of the specialty retailer’s stock worth $500,000 after purchasing an additional 3,460 shares during the last quarter. Finally, Homestead Advisers Corp lifted its position in shares of OPENLANE by 15.1% during the first quarter. Homestead Advisers Corp now owns 175,600 shares of the specialty retailer’s stock worth $3,386,000 after purchasing an additional 23,100 shares during the last quarter. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

OPENLANE Stock Performance

KAR stock opened at $25.14 on Tuesday. OPENLANE, Inc. has a 1 year low of $17.08 and a 1 year high of $30.93. The stock has a market capitalization of $2.67 billion, a price-to-earnings ratio of 33.97, a PEG ratio of 1.81 and a beta of 1.33. The stock’s fifty day moving average is $27.20 and its two-hundred day moving average is $25.65.

OPENLANE (NYSE:KAR) last released its quarterly earnings data on Wednesday, November 5th. The specialty retailer reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.05. The business had revenue of $498.40 million for the quarter, compared to analysts’ expectations of $464.40 million. OPENLANE had a net margin of 8.18% and a return on equity of 11.65%. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.26 EPS. OPENLANE has set its FY 2025 guidance at 1.220-1.26 EPS. As a group, analysts predict that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on KAR. Barrington Research upped their price objective on OPENLANE from $25.00 to $30.00 and gave the company an “outperform” rating in a research note on Wednesday, August 6th. Weiss Ratings reissued a “buy (b)” rating on shares of OPENLANE in a research report on Thursday. Zacks Research upgraded OPENLANE from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Stephens lifted their price objective on shares of OPENLANE from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, September 10th. Finally, Wall Street Zen cut shares of OPENLANE from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, OPENLANE presently has a consensus rating of “Moderate Buy” and an average target price of $30.20.

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.