The Manufacturers Life Insurance Company bought a new position in shares of Openlane (NYSE:OPLN – Free Report) in the 2nd quarter, HoldingsChannel reports. The fund bought 51,156 shares of the company’s stock, valued at approximately $2,110,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Hawk Ridge Capital Management LP raised its stake in shares of Openlane by 72.5% in the first quarter. Hawk Ridge Capital Management LP now owns 4,967,144 shares of the company’s stock worth $144,792,000 after purchasing an additional 2,087,200 shares during the last quarter. Ranger Investment Management L.P. bought a new stake in Openlane during the second quarter worth $18,146,000. Nicholas Company Inc. purchased a new stake in Openlane in the 4th quarter valued at $6,380,000. New York State Teachers Retirement System bought a new position in Openlane during the 4th quarter valued at $2,152,000. Finally, Comerica Bank bought a new position in Openlane during the 4th quarter valued at $951,000. Institutional investors and hedge funds own 99.76% of the company’s stock.
Insider Buying and Selling
In related news, CEO Peter J. Kelly bought 14,830 shares of the company’s stock in a transaction on Monday, August 24th. The shares were purchased at an average cost of $33.72 per share, for a total transaction of $500,067.60. Following the completion of the purchase, the chief executive officer directly owned 14,830 shares in the company, valued at $500,067.60. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.22% of the company’s stock.
Openlane Trading Down 1.3%
Openlane (NYSE:OPLN – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05. The company had revenue of $554.60 million for the quarter. Openlane had a net margin of 9.67% and a return on equity of 12.81%. Openlane’s quarterly revenue was up 15.1% on a year-over-year basis. Openlane has set its FY 2026 guidance at 1.400-1.500 EPS. Equities research analysts anticipate that Openlane will post 1.45 EPS for the current year.
Analysts Set New Price Targets
Several analysts have recently issued reports on OPLN shares. JPMorgan Chase & Co. upgraded shares of Openlane from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $33.00 to $38.00 in a research note on Wednesday, May 27th. Robert W. Baird set a $40.00 price target on shares of Openlane in a report on Wednesday, May 6th. Barclays upped their price objective on shares of Openlane from $46.00 to $49.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Stephens reissued an “overweight” rating and set a $42.00 target price on shares of Openlane in a research report on Thursday, June 11th. Finally, Bank of America boosted their target price on Openlane from $37.00 to $44.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.83.
View Our Latest Analysis on OPLN
About Openlane
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.
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