Prospect Capital Advisors LLC Takes $2.44 Million Position in Openlane $OPLN

Prospect Capital Advisors LLC purchased a new stake in Openlane (NYSE:OPLN) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 83,600 shares of the company’s stock, valued at approximately $2,437,000. Openlane accounts for approximately 1.3% of Prospect Capital Advisors LLC’s investment portfolio, making the stock its 25th biggest position. Prospect Capital Advisors LLC owned 0.08% of Openlane as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. acquired a new stake in Openlane during the 4th quarter worth about $348,271,000. Bank of Montreal Can purchased a new stake in Openlane during the fourth quarter valued at about $220,158,000. Dimensional Fund Advisors LP acquired a new position in shares of Openlane in the fourth quarter worth about $200,309,000. State Street Corp acquired a new position in shares of Openlane in the fourth quarter worth about $127,581,000. Finally, Neuberger Berman Group LLC purchased a new position in shares of Openlane in the fourth quarter worth approximately $103,876,000. Institutional investors and hedge funds own 99.76% of the company’s stock.

Insider Activity at Openlane

In related news, EVP James P. Coyle sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $35.77, for a total transaction of $536,550.00. Following the transaction, the executive vice president directly owned 58,512 shares of the company’s stock, valued at approximately $2,092,974.24. The trade was a 20.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Tobin P. Richer sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $38.31, for a total transaction of $153,240.00. Following the completion of the transaction, the executive vice president owned 24,697 shares in the company, valued at approximately $946,142.07. This represents a 13.94% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 111,972 shares of company stock valued at $4,018,932. 2.22% of the stock is owned by company insiders.

Openlane Trading Down 1.8%

Shares of NYSE OPLN opened at $39.79 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.16 and a quick ratio of 1.16. Openlane has a one year low of $24.10 and a one year high of $42.90. The business’s 50-day simple moving average is $39.01. The firm has a market cap of $4.22 billion, a price-to-earnings ratio of -39.01, a PEG ratio of 2.21 and a beta of 1.26.

Openlane (NYSE:OPLN) last issued its earnings results on Tuesday, May 5th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.03. The company had revenue of $527.90 million for the quarter. Openlane had a return on equity of 13.00% and a net margin of 9.47%.Openlane’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.31 EPS. Openlane has set its FY 2026 guidance at 1.280-1.420 EPS. Research analysts anticipate that Openlane will post 1.4 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on OPLN. Bank of America boosted their price target on shares of Openlane from $37.00 to $44.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Wall Street Zen raised shares of Openlane from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Robert W. Baird set a $40.00 price objective on shares of Openlane in a research report on Wednesday, May 6th. Stephens reissued an “overweight” rating and set a $42.00 target price on shares of Openlane in a research note on Thursday, June 11th. Finally, JPMorgan Chase & Co. upgraded Openlane from a “neutral” rating to an “overweight” rating and increased their target price for the company from $33.00 to $38.00 in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $41.67.

Openlane Profile

Openlane, Inc operates a digital wholesale vehicle marketplace that facilitates the remarketing of used vehicles for commercial consignors and retail dealers. The company provides an online auction platform that enables buyers and sellers to transact in real time, connecting franchised and independent dealers, fleet operators, rental companies, manufacturers and financial institutions. Its marketplace focuses on vehicles from lease returns, fleet and commercial fleets, repossessions and dealer trade-ins.

In addition to the core auction and listing services, Openlane offers a suite of remarketing support services designed to simplify the end-to-end sale process.