Burgundy Asset Management Ltd. recently announced the acquisition of new stake in Openlane Inc. (NYSE:KAR). The institutional investor has increased its shareholding in the Consumer Cyclical company by 2.20% to 8.45 million shares with purchase of 0.18 million shares. This fresh investment now brings its stake to 7.83% valued currently at $123.61 million. In addition, Dimensional Fund Advisors LP raised its holdings by 68253.0 to 6.66 million shares. And Harris Associates LP has lifted its position by 0.50% or 20954.0 shares – to 4.17 million shares.
With over 0.47 million Openlane Inc. (KAR) shares trading Friday and a closing price of $15.14 on the day, the dollar volume was approximately $7.1 million. The shares have shown a positive half year performance of 1.61% and its price on 12/22/23 gained nearly 0.26%. Currently, there are 108.91M common shares owned by the public and among those 105.71M shares have been available to trade.
Insiders at the company have transacted a total of 46 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 26 of these insider trades were purchases, accounting for 278,314 shares. Insider sales of the common stock occurred on 20 occasions, with total insider shares sold totaling 69,225 shares.
The top 3 mutual fund holders in Openlane Inc. are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market ETF, and Oakmark Equity & Income Fund. iShares Core S&P Small Cap ETF owns 7.33 million shares of the company’s stock, all valued at over $107.1 million. The company bought an additional 3792.0 shares recently to bring their total holdings to about 6.78% of the shares outstanding. Vanguard Total Stock Market ETF bought 9291.0 shares to see its total holdings expand to 3.45 million shares valued at over $50.47 million and representing 3.20% of the shares outstanding. Oakmark Equity & Income Fund now owns shares totaling to 2.71% of the shares outstanding.
Shares of Openlane Inc. (NYSE: KAR) opened at $15.14, up $0.04 from a prior closing price of $15.10. The company’s stock has a 5-day price change of 3.34% and 1.14% over the past three months. KAR shares are trading 16.02% year to date (YTD), with the 12-month market performance up to 16.82% higher. It has a 12-month low price of $12.09 and touched a high of $16.49 over the same period. KAR has an average intraday trading volume of 824.40K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.49%, 4.93%, and 3.17% respectively.
Institutional ownership of Openlane Inc. (NYSE: KAR) shares accounts for 99.98% of the company’s 108.91M shares outstanding. Mutual fund holders own 46.47%, while other institutional holders and individual stakeholders account for 53.64% and 19.67% respectively.
It has a market capitalization of $1.64B and a beta (3y monthly) value of 1.46. The earnings-per-share (ttm) stands at -$1.72. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.06% over the week and 2.62% over the month.
Analysts forecast that Openlane Inc. (KAR) will achieve an EPS of $0.13 for the current quarter, $0.2 for the next quarter and $0.77 for 2024. The lowest estimate earnings-per-share for the quarter is $0.1 while analysts give the company a high EPS estimate of $0.15. Comparatively, EPS for the current quarter was $0.33 a year ago. Earnings per share for the fiscal year are expected to increase by 57.48%, and 13.82% over the next financial year.
Looking at the support for the KAR, a number of firms have released research notes about the stock. BofA Securities stated their Underperform rating for the stock in a research note on January 09, 2023, with the firm’s price target at $23-$17.
