Manatuck Hill Partners LLC bought a new stake in shares of Openlane (NYSE:OPLN – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 250,000 shares of the company’s stock, valued at approximately $10,310,000. Openlane makes up approximately 3.4% of Manatuck Hill Partners LLC’s portfolio, making the stock its 4th biggest position. Manatuck Hill Partners LLC owned approximately 0.20% of Openlane as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OPLN. CWM LLC bought a new stake in Openlane in the fourth quarter valued at $320,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Openlane in the 4th quarter worth about $649,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Openlane in the 4th quarter worth about $472,000. Arizona State Retirement System bought a new stake in shares of Openlane during the 4th quarter valued at about $880,000. Finally, NBC Securities Inc. bought a new stake in shares of Openlane during the 4th quarter valued at about $296,000. Hedge funds and other institutional investors own 99.76% of the company’s stock.
Openlane Stock Up 0.9%
NYSE:OPLN opened at $34.36 on Wednesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.17 and a quick ratio of 1.17. The firm’s 50-day moving average price is $38.58 and its 200-day moving average price is $34.04. The company has a market capitalization of $4.22 billion, a PE ratio of -40.43, a P/E/G ratio of 2.09 and a beta of 1.28. Openlane has a 1-year low of $24.32 and a 1-year high of $42.90.
Analysts Set New Price Targets
OPLN has been the topic of several research analyst reports. Stephens reiterated an “overweight” rating and set a $42.00 price target on shares of Openlane in a research report on Thursday, June 11th. Barclays lifted their price objective on Openlane from $46.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Openlane in a report on Friday, May 29th. JPMorgan Chase & Co. raised Openlane from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $33.00 to $38.00 in a research report on Wednesday, May 27th. Finally, Bank of America raised their target price on Openlane from $37.00 to $44.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. One 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. According to data from MarketBeat.com, Openlane has an average rating of “Moderate Buy” and a consensus target price of $43.83.
Read Our Latest Research Report on OPLN
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.
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