OPENLANE (NYSE:KAR) Price Target Raised to $23.00 at JPMorgan Chase & Co.

OPENLANE (NYSE:KAR) had its price objective hoisted by JPMorgan Chase & Co. from $21.00 to $23.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the specialty retailer’s stock.

Separately, Barrington Research reaffirmed an “outperform” rating and set a $25.00 target price on shares of OPENLANE in a report on Monday, November 4th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.20.

OPENLANE Trading Up 0.3 %

Shares of NYSE:KAR opened at $19.66 on Wednesday. The company has a 50 day moving average of $16.99 and a 200 day moving average of $17.10. The stock has a market cap of $2.10 billion, a P/E ratio of 75.60, a P/E/G ratio of 1.87 and a beta of 1.44. OPENLANE has a 12 month low of $12.86 and a 12 month high of $20.45.

OPENLANE (NYSE:KAR) last issued its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.26 EPS for the quarter, topping the consensus estimate of $0.22 by $0.04. The company had revenue of $448.00 million during the quarter, compared to analyst estimates of $431.68 million. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. OPENLANE’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.18 earnings per share. On average, equities analysts forecast that OPENLANE will post 0.85 earnings per share for the current fiscal year.

Insider Buying and Selling at OPENLANE

In related news, CFO Brad S. Lakhia purchased 4,985 shares of OPENLANE stock in a transaction that occurred on Wednesday, November 13th. The shares were bought at an average price of $20.06 per share, for a total transaction of $99,999.10. Following the completion of the transaction, the chief financial officer now directly owns 14,303 shares of the company’s stock, valued at $286,918.18. This represents a 53.50 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Invenomic Capital Management LP grew its holdings in OPENLANE by 277.0% in the first quarter. Invenomic Capital Management LP now owns 1,529,680 shares of the specialty retailer’s stock worth $26,463,000 after purchasing an additional 1,123,953 shares during the period. River Road Asset Management LLC lifted its holdings in shares of OPENLANE by 15.3% during the 3rd quarter. River Road Asset Management LLC now owns 5,045,087 shares of the specialty retailer’s stock valued at $85,161,000 after buying an additional 671,104 shares during the period. Clifford Capital Partners LLC purchased a new position in OPENLANE in the third quarter worth about $10,309,000. Renaissance Technologies LLC bought a new stake in OPENLANE during the second quarter valued at approximately $3,243,000. Finally, Raymond James & Associates grew its position in shares of OPENLANE by 293.5% during the 2nd quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer’s stock valued at $4,034,000 after acquiring an additional 181,364 shares during the period. Institutional investors own 99.76% of the company’s stock.

OPENLANE Company Profile

OPENLANE, Inc, together with its subsidiaries, operates as a digital marketplace for used vehicles, which connects sellers and buyers in North America, Europe, the Philippines, and Uruguay. The company operates through two segments, Marketplace and Finance. The Marketplace segment offers digital marketplace services for buying and selling used vehicles.