Summit Global Investments Purchases 25,094 Shares of Openlane $OPLN

Summit Global Investments purchased a new stake in Openlane (NYSE:OPLN) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 25,094 shares of the company’s stock, valued at approximately $856,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OPLN. PNC Financial Services Group Inc. raised its holdings in Openlane by 6.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,549 shares of the company’s stock worth $162,000 after purchasing an additional 353 shares during the last quarter. Versant Capital Management Inc lifted its position in Openlane by 94.2% during the 2nd quarter. Versant Capital Management Inc now owns 979 shares of the company’s stock valued at $40,000 after purchasing an additional 475 shares during the period. Yousif Capital Management LLC lifted its position in Openlane by 3.5% during the 3rd quarter. Yousif Capital Management LLC now owns 29,661 shares of the company’s stock valued at $1,012,000 after purchasing an additional 992 shares during the period. Nykredit A S bought a new position in shares of Openlane in the 2nd quarter valued at about $46,000. Finally, Sterling Capital Management LLC boosted its stake in shares of Openlane by 8.3% in the 3rd quarter. Sterling Capital Management LLC now owns 14,759 shares of the company’s stock valued at $504,000 after purchasing an additional 1,134 shares during the last quarter. 99.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OPLN has been the subject of several analyst reports. Zacks Research cut shares of Openlane from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 7th. Wall Street Zen cut shares of 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 shares of Openlane in a report on Wednesday, August 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Openlane in a report on Wednesday, August 26th. Finally, Barclays upped their target price 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 analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $43.83.

Openlane Trading Up 1.3%

NYSE:OPLN opened at $39.52 on Tuesday. Openlane has a 1-year low of $24.32 and a 1-year high of $42.90. The business’s 50-day moving average price is $35.81 and its two-hundred day moving average price is $34.21. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $4.85 billion, a price-to-earnings ratio of -46.49, a PEG ratio of 1.77 and a beta of 1.28.

Openlane (NYSE:OPLN) last issued its earnings results on Tuesday, August 4th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05. The firm had revenue of $554.60 million for the quarter. Openlane had a return on equity of 12.81% and a net margin of 9.67%. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. On average, equities analysts expect that Openlane will post 1.45 earnings per share for the current year.

Insider Activity at Openlane

In other news, CEO Peter Kelly purchased 14,830 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were acquired at an average cost of $33.72 per share, for a total transaction of $500,067.60. Following the transaction, the chief executive officer directly owned 14,830 shares of the company’s stock, valued at approximately $500,067.60. The trade was a ? increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 2.22% of the stock is currently owned by company insiders.

Openlane Company Profile

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.