Openlane (NYSE:OPLN) Short Interest Up 90.6% in June

Openlane (NYSE:OPLN) was the recipient of a large increase in short interest during the month of June. As of June 30th, there was short interest totaling 2,536,608 shares, an increase of 90.6% from the June 15th total of 1,331,015 shares. Based on an average daily volume of 1,541,302 shares, the days-to-cover ratio is presently 1.6 days. Approximately 2.4% of the shares of the company are short sold.

Analyst Ratings Changes

OPLN has been the subject of several recent research reports. Zacks Research raised Openlane from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 9th. Barclays upped their target price on shares of Openlane from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Bank of America lifted their price target on shares of Openlane from $37.00 to $44.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Wall Street Zen raised Openlane from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Stephens reissued an “overweight” rating and issued a $42.00 price objective on shares of Openlane in a research note on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $40.67.

Insider Buying and Selling

In other Openlane news, insider William Clyde Mitchell sold 6,500 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $36.04, for a total transaction of $234,260.00. Following the completion of the sale, the insider directly owned 15,914 shares in the company, valued at $573,540.56. The trade was a 29.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Charles S. Coleman sold 19,763 shares of the company’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $35.86, for a total transaction of $708,701.18. Following the sale, the executive vice president directly owned 74,334 shares in the company, valued at approximately $2,665,617.24. The trade was a 21.00% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 111,972 shares of company stock worth $4,018,932. Insiders own 2.22% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of OPLN. Salomon & Ludwin LLC acquired a new stake in Openlane during the 4th quarter worth $26,000. First Horizon Corp acquired a new stake in shares of Openlane in the fourth quarter valued at about $27,000. Allworth Financial LP purchased a new stake in shares of Openlane during the fourth quarter worth about $38,000. Nomura Asset Management Co. Ltd. purchased a new stake in Openlane during the fourth quarter valued at about $39,000. Finally, Fifth Third Bancorp acquired a new stake in Openlane during the 4th quarter valued at $40,000. 99.76% of the stock is owned by institutional investors and hedge funds.

Openlane Stock Down 3.2%

Shares of NYSE OPLN traded down $1.29 during midday trading on Friday, reaching $39.40. 975,562 shares of the company were exchanged, compared to its average volume of 955,969. The company’s 50-day moving average price is $38.15. Openlane has a one year low of $24.10 and a one year high of $42.90. The stock has a market capitalization of $4.17 billion, a PE ratio of -38.62, a P/E/G ratio of 2.44 and a beta of 1.26. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.42.

Openlane (NYSE:OPLN) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.03. Openlane had a net margin of 9.47% and a return on equity of 13.00%. The business had revenue of $527.90 million for the quarter. During the same quarter last year, the firm posted $0.31 earnings per share. The firm’s revenue for the quarter was up 14.8% compared to the same quarter last year. Openlane has set its FY 2026 guidance at 1.280-1.420 EPS. On average, equities research analysts anticipate that Openlane will post 1.31 EPS for the current year.

Openlane Company 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.