Openlane (NYSE:OPLN) Stock: Insider Charles Coleman Sells 38,769 Shares

Openlane (NYSE:OPLN) EVP Charles Coleman sold 38,769 shares of Openlane stock in a transaction dated Tuesday, November 10th. The stock was sold at an average price of $35.21, for a total value of $1,365,056.49. Following the transaction, the executive vice president directly owned 74,334 shares in the company, valued at $2,617,300.14. The trade was a 34.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Openlane Trading Up 1.0%

NYSE OPLN opened at $35.08 on Friday. The business’s 50-day moving average price is $35.95 and its two-hundred day moving average price is $34.42. Openlane has a 12 month low of $24.32 and a 12 month high of $42.90. The firm has a market capitalization of $4.26 billion, a PE ratio of 24.29, a price-to-earnings-growth ratio of 1.55 and a beta of 1.35. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.34.

Openlane (NYSE:OPLN) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.04. Openlane had a return on equity of 12.74% and a net margin of 9.23%. The company had revenue of $561.20 million during the quarter. Openlane’s revenue for the quarter was up 12.6% compared to the same quarter last year. On average, analysts expect that Openlane will post 1.49 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Northcoast Research set a $50.00 price target on shares of Openlane in a report on Wednesday, August 5th. Wall Street Zen downgraded shares of Openlane from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Barclays upped their price objective on shares of Openlane from $46.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Zacks Research cut shares of Openlane from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 7th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Openlane in a research report on Wednesday, August 26th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Openlane presently has an average rating of “Moderate Buy” and an average target price of $43.83.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Ethic Inc. increased its holdings in Openlane by 3.3% in the third quarter. Ethic Inc. now owns 10,196 shares of the company’s stock worth $348,000 after purchasing an additional 328 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Openlane by 6.8% in the first quarter. PNC Financial Services Group Inc. now owns 5,549 shares of the company’s stock valued at $162,000 after buying an additional 353 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in shares of Openlane by 0.6% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 58,580 shares of the company’s stock worth $1,999,000 after buying an additional 377 shares in the last quarter. Salomon & Ludwin LLC boosted its holdings in shares of Openlane by 61.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 1,066 shares of the company’s stock worth $36,000 after buying an additional 405 shares in the last quarter. Finally, Versant Capital Management Inc grew its position in shares of Openlane by 94.2% during the 2nd quarter. Versant Capital Management Inc now owns 979 shares of the company’s stock worth $40,000 after buying an additional 475 shares during the period. 99.76% of the stock is owned by institutional investors.

Openlane News Roundup

Here’s some of the latest news about OPLN:

• Positive Sentiment: In its latest reported quarter, Openlane posted earnings of $0.43 per share, beating the $0.39 consensus estimate, while revenue rose 12.6% year over year to $561.2 million.
• Negative Sentiment: Several executives and a director sold shares: EVP Charles Coleman sold 38,769 shares, and a separate filing reported another 1,207-share sale; EVP Tobin Richer sold 3,458 shares; and director Michael Kestner sold 8,000 shares, reducing his position by 73.25%. Multiple insider sales can raise concerns about management and director confidence, though sales alone do not establish their reasons. Insider sale details

About Openlane

OPENLANE operates a digital marketplace for wholesale used vehicles, connecting vehicle sellers—including dealers, fleet operators, financial institutions and manufacturers—with professional buyers. Its online auction platform supports the buying and selling of vehicles across multiple channels. The company also provides services that support wholesale transactions, such as vehicle condition information, title processing and transportation coordination. OPENLANE serves customers in the United States, Canada and Europe.