Openlane (NYSE:OPLN) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Openlane (NYSE:OPLN) announced its earnings results on Wednesday. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.39 by $0.04, FiscalAI reports. 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 company’s quarterly revenue was up 12.6% on a year-over-year basis.

Openlane Price Performance

OPLN stock traded down $1.23 on Friday, hitting $34.42. 688,833 shares of the company’s stock traded hands, compared to its average volume of 1,049,691. The stock has a market cap of $4.23 billion, a price-to-earnings ratio of -46.51, a P/E/G ratio of 1.69 and a beta of 1.35. Openlane has a 1-year low of $24.32 and a 1-year high of $42.90. The company has a current ratio of 1.16, a quick ratio of 1.17 and a debt-to-equity ratio of 0.34. The stock has a fifty day moving average of $35.98 and a 200-day moving average of $34.28.

Insider Activity

In related news, CEO Peter Kelly purchased 14,830 shares of the company’s stock in a transaction on Monday, August 24th. The shares were bought 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 of the company’s stock, valued at approximately $500,067.60. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 2.22% of the company’s stock.

Institutional Investors Weigh In On Openlane

A number of institutional investors and hedge funds have recently modified their holdings of OPLN. BlackRock Inc. acquired a new position in shares of Openlane during the 2nd quarter worth about $660,070,000. Hawk Ridge Capital Management LP increased its stake in shares of Openlane by 72.5% in 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 acquiring an additional 2,087,200 shares during the last quarter. Sunriver Management LLC raised its position in shares of Openlane by 1.3% in the 1st quarter. Sunriver Management LLC now owns 1,518,196 shares of the company’s stock valued at $44,255,000 after acquiring an additional 19,634 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Openlane by 7.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,251,247 shares of the company’s stock valued at $36,474,000 after acquiring an additional 86,986 shares during the period. Finally, Park West Asset Management LLC bought a new position in Openlane during the 2nd quarter worth approximately $46,368,000. 99.76% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on OPLN shares. Wall Street Zen cut shares of Openlane from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Bank of America upped their target price 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. Zacks Research lowered Openlane from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. Northcoast Research set a $50.00 target price on Openlane in a research note on Wednesday, August 5th. Finally, Barclays increased their price target on Openlane from $46.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.