Brad S. Lakhia, Executive Vice President and Chief Financial Officer of OPENLANE, Inc. (NYSE:KAR), recently purchased shares of the company. According to a recent SEC filing, Lakhia purchased 4,985 shares of OPENLANE common stock on November 13, 2024, at a price of $20.06 per share. This transaction amounts to a total value of approximately $99,999. Following this acquisition, Lakhia’s direct ownership in the company increased to 14,303 shares. OPENLANE, formerly known as KAR Auction Services, Inc., is headquartered in Carmel, Indiana.
In other recent news, OPENLANE, Inc. announced the upcoming resignation of its Chief Financial Officer, Brad S. Lakhia, effective March 1, 2025. The company also highlighted strong financial results for the third quarter of 2024, with CEO Peter Kelly and CFO Brad Lakhia. emphasizing the successful execution of strategic initiatives. Meanwhile, Innoviz Technologies Ltd., a specialist in motor vehicle parts and accessories, has scheduled its Annual General Meeting of Shareholders for December 17, 2024.
These recent developments reflect the dynamic nature of leadership transitions and financial performance within these companies. OPENLANE’s executive change underscores the importance of orderly transitions in corporate governance, while its financial results indicate a successful quarter. Innoviz Technologies, for its part, is preparing for its Annual General Meeting, a key aspect of corporate governance.
Investors interested in these companies should follow these developments closely. It is essential to remember that while these are recent events, they represent ongoing processes within companies, which could have implications for their future performance.
InvestingPro Insights
Brad S. Lakhia’s recent purchase of OPENLANE (NYSE:KAR) stock aligns with several positive indicators highlighted by InvestingPro. The company’s stock has shown strong performance, returning 23.47% over the past month and returning 33.58% over the past year. This upward trend is supported by InvestingPro Tips, which suggest that net income is expected to grow this year and analysts have revised its earnings upwards for the coming period.
The CFO’s decision to invest nearly $100,000 in the company’s stock may reflect confidence in OPENLANE’s financial health and growth prospects. InvestingPro data shows that the company has a market capitalization of $2.08 billion and generated revenue of $1.69 billion in the trailing twelve months to Q3 2023, with a revenue growth rate of 3.76% .
While OPENLANE is trading on a high earnings multiple with a P/E ratio of 98.43, InvestingPro advice indicates that it is trading on a low P/E ratio relative to near-term earnings growth. This is further supported by a PEG ratio of 0.92, suggesting potential undervaluation relative to growth expectations.
For investors looking for a more comprehensive analysis, InvestingPro offers additional information with 8 more tips available for OPENLANE, providing a deeper understanding of the company’s financial situation and market outlook.
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