Openlane (NYSE:OPLN) EVP Sells $122,551.52 in Stock

Openlane (NYSE:OPLN) EVP Tobin Richer sold 3,458 shares of the business’s stock in a transaction dated Tuesday, November 10th. The stock was sold at an average price of $35.44, for a total transaction of $122,551.52. Following the sale, the executive vice president directly owned 24,697 shares of the company’s stock, valued at approximately $875,261.68. The trade was a 12.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Openlane Stock Up 1.0%

Shares of OPLN traded up $0.34 on Friday, reaching $35.08. The company’s stock had a trading volume of 589,385 shares, compared to its average volume of 1,022,194. Openlane has a twelve month low of $24.32 and a twelve month high of $42.90. The stock has a market capitalization of $4.26 billion, a PE ratio of -47.41, a PEG ratio of 1.55 and a beta of 1.35. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34. The firm has a fifty day moving average of $35.95 and a 200-day moving average of $34.42.

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 for the quarter. Openlane had a net margin of 9.23% and a return on equity of 12.74%. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. Equities analysts predict that Openlane will post 1.49 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in OPLN. Salomon & Ludwin LLC grew its position in Openlane by 61.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 1,066 shares of the company’s stock worth $36,000 after purchasing an additional 405 shares in the last quarter. Versant Capital Management Inc increased its stake in Openlane by 94.2% in the 2nd quarter. Versant Capital Management Inc now owns 979 shares of the company’s stock valued at $40,000 after buying an additional 475 shares during the last quarter. Nykredit A S bought a new position in shares of Openlane during the 2nd quarter worth approximately $46,000. Allworth Financial LP bought a new position in shares of Openlane during the 2nd quarter worth approximately $56,000. Finally, Persistent Asset Partners Ltd purchased a new position in shares of Openlane in the 2nd quarter worth approximately $75,000. 99.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on OPLN shares. Northcoast Research set a $50.00 target price on Openlane in a report on Wednesday, August 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Openlane in a research report on Wednesday, August 26th. Wall Street Zen downgraded Openlane from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Barclays upped their price target on Openlane from $46.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Finally, Zacks Research lowered Openlane from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 7th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Openlane currently has an average rating of “Moderate Buy” and an average target price of $43.83.

Top Openlane Stories

These are some of the OPLN stories that stood out recently:

• 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

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.