BUZZ-Used-car auction platform Openlane slips after starting secondary offering
OPLN•Recent share performance and analyst view
Openlane stock finished down 2.1% at $36.50 on Tuesday, trimming its year-to-date gain to about 23%.
Seven of nine analysts rate the stock "strong buy" or "buy", while two rate it "hold"; the median price target is $45, according to LSEG data.
Openlane falls after secondary offering news
Digital used-car marketplace Openlane shares were down 4.1% at $35.01 in extended trading after news of a secondary offering.
Carmel, Indiana-based Openlane said Ignition Acquisition Holdings, a fund advised by Apax Partners, will sell 8 million shares.
These shares represent a portion of Openlane's previously issued convertible preferred stock held by Ignition that converted into common stock in May.
In addition, Openlane intends to concurrently purchase up to $25 million of offering shares from underwriter BofA.
The company has about 122.8 million shares outstanding.
