Openlane skids on secondary offering by Apax Partners
OPLN•Recent performance and analyst view
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OPLN stock finished down 2.1% at $36.50 on Tues, trimming YTD gain to ~23%
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Avg rating of 8 analysts is "buy"; median PT $45, per LSEG data
Shares fall after secondary offering is priced
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Digital used-car marketplace Openlane OPLN.N shares down 5.6% at $34.47 premarket on Weds after secondary offering priced
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Carmel, Indiana-based OPLN late Tues announced 8 mln shares offloaded by Apax Partners-advised fund, Ignition Acquisition Holdings
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Shares represent a portion of OPLN's previously issued convertible preferred stock held by Ignition that converted into common stock in May
Concurrent share repurchase and ownership details
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In addition, OPLN concurrently purchasing 727,590 of offering shares from underwriter BofA
