Insider Selling: Openlane (NYSE:OPLN) EVP Sells $2,843,383.55 in Stock

Openlane (NYSE:OPLN) EVP James Coyle sold 80,755 shares of the firm’s stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $35.21, for a total transaction of $2,843,383.55. Following the completion of the transaction, the executive vice president owned 48,884 shares in the company, valued at $1,721,205.64. This represents a 62.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Openlane Stock Down 0.8%

Shares of NYSE OPLN opened at $34.95 on Thursday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.34. Openlane has a 52 week low of $24.32 and a 52 week high of $42.90. The firm’s fifty day moving average is $35.95 and its 200 day moving average is $34.37. The company has a market cap of $4.24 billion, a price-to-earnings ratio of -47.23, a PEG ratio of 1.57 and a beta of 1.35.

Openlane (NYSE:OPLN) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.04. The business had revenue of $561.20 million during the quarter. Openlane had a net margin of 9.23% and a return on equity of 12.74%. Openlane’s quarterly revenue was up 12.6% on a year-over-year basis. On average, equities research analysts expect that Openlane will post 1.49 earnings per share for the current year.

Institutional Trading of Openlane

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in Openlane during the 2nd quarter valued at $660,070,000. Hawk Ridge Capital Management LP boosted its stake in shares of Openlane by 72.5% during the 1st quarter. Hawk Ridge Capital Management LP now owns 4,967,144 shares of the company’s stock valued at $144,792,000 after purchasing an additional 2,087,200 shares in the last quarter. Sunriver Management LLC increased its position in shares of Openlane by 1.3% during the first quarter. Sunriver Management LLC now owns 1,518,196 shares of the company’s stock valued at $44,255,000 after buying an additional 19,634 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Openlane by 7.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,251,247 shares of the company’s stock valued at $36,474,000 after buying an additional 86,986 shares during the period. Finally, Park West Asset Management LLC purchased a new position in shares of Openlane during the second quarter valued at about $46,368,000. Institutional investors own 99.76% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on OPLN. Northcoast Research set a $50.00 price objective on shares of Openlane in a research note on Wednesday, August 5th. Zacks Research cut Openlane from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 7th. Wall Street Zen cut 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, Barclays upped their price target on Openlane from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $43.83.

Openlane Company Profile

OPENLANE operates a digital marketplace for wholesale used vehicles, connecting vehicle sellers—including dealers, fleet operators, financial institutions and manufacturers—with professional buyers. Its online auction platform supports the buying and selling of vehicles across multiple channels. The company also provides services that support wholesale transactions, such as vehicle condition information, title processing and transportation coordination. OPENLANE serves customers in the United States, Canada and Europe.