Openlane (NYSE:OPLN) EVP Sells $42,257.07 in Stock

Openlane (NYSE:OPLN) EVP Charles Coleman sold 1,207 shares of the business’s stock in a transaction on Monday, November 9th. The shares were sold at an average price of $35.01, for a total transaction of $42,257.07. Following the sale, the executive vice president directly owned 74,334 shares of the company’s stock, valued at $2,602,433.34. This represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Openlane Trading Up 1.0%

Shares of OPLN stock traded up $0.34 on Friday, reaching $35.08. 589,385 shares of the stock were exchanged, compared to its average volume of 1,022,194. The stock has a market cap of $4.26 billion, a P/E ratio of -47.41, a price-to-earnings-growth ratio of 1.55 and a beta of 1.35. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.34. The firm has a 50 day moving average of $35.95 and a two-hundred day moving average of $34.42. Openlane has a 1-year low of $24.32 and a 1-year high of $42.90.

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Wall Street Zen lowered Openlane from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Northcoast Research set a $50.00 target price on Openlane in a report on Wednesday, August 5th. Zacks Research downgraded shares of Openlane from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 7th. Weiss Ratings restated a “hold (c)” rating on shares of Openlane in a report on Wednesday, August 26th. Finally, Barclays lifted their price target on shares of Openlane from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. 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, Openlane presently has an average rating of “Moderate Buy” and a consensus target price of $43.83.

Latest Openlane News

Here’s some of the latest news about OPLN:

• Positive Sentiment: In its latest reported quarter, Openlane posted earnings of $0.43 per share, beating the $0.39 consensus estimate, while revenue rose 12.6% year over year to $561.2 million.
• Negative Sentiment: Several executives and a director sold shares: EVP Charles Coleman sold 38,769 shares, and a separate filing reported another 1,207-share sale; EVP Tobin Richer sold 3,458 shares; and director Michael Kestner sold 8,000 shares, reducing his position by 73.25%. Multiple insider sales can raise concerns about management and director confidence, though sales alone do not establish their reasons. Insider sale details

Institutional Trading of Openlane

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Openlane during the second quarter worth about $660,070,000. Hawk Ridge Capital Management LP grew 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 buying an additional 2,087,200 shares in the last quarter. Park West Asset Management LLC acquired a new stake in shares of Openlane in the second quarter valued at about $46,368,000. Sunriver Management LLC grew its stake in shares of Openlane by 1.3% in 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 in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Openlane by 7.5% during the 1st 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. 99.76% of the stock is currently owned by institutional investors and hedge funds.

About Openlane

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.