OPENLANE, Inc. (NYSE:KAR) Receives Average Recommendation of “Moderate Buy” from Analysts

OPENLANE, Inc. (NYSE:KAR) has earned an average rating of “Moderate Buy” from the five analysts that are currently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $21.60.

A number of analysts have recently commented on the stock. StockNews.com cut shares of OPENLANE from a “buy” rating to a “hold” rating in a report on Sunday. JPMorgan Chase & Co. upped their price target on shares of OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Barrington Research reaffirmed an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research report on Monday, November 4th. Finally, Stephens started coverage on OPENLANE in a research note on Wednesday. They set an “equal weight” rating and a $20.00 price objective for the company.

Insider Transactions at OPENLANE

In other news, CFO Brad S. Lakhia purchased 4,985 shares of the stock in a transaction dated Wednesday, November 13th. The shares were purchased at an average cost of $20.06 per share, with a total value of $99,999.10. Following the completion of the purchase, the chief financial officer now directly owns 14,303 shares of the company’s stock, valued at approximately $286,918.18. The trade was a 53.50 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 2.32% of the company’s stock.

Hedge Funds Weigh In On OPENLANE

A number of institutional investors and hedge funds have recently added to or reduced their stakes in KAR. Quarry LP boosted its stake in OPENLANE by 201.4% during the second quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock worth $39,000 after buying an additional 1,587 shares during the last quarter. KBC Group NV raised its position in OPENLANE by 51.1% in the fourth quarter. KBC Group NV now owns 5,314 shares of the specialty retailer’s stock valued at $105,000 after purchasing an additional 1,798 shares during the period. Creative Planning purchased a new stake in OPENLANE in the third quarter valued at $193,000. Deerfield Management Company L.P. Series C purchased a new stake in OPENLANE in the second quarter valued at $233,000. Finally, Everence Capital Management Inc. raised its position in OPENLANE by 20.5% in the third quarter. Everence Capital Management Inc. now owns 14,500 shares of the specialty retailer’s stock valued at $245,000 after purchasing an additional 2,470 shares during the period. Institutional investors and hedge funds own 99.76% of the company’s stock.

OPENLANE Trading Down 0.6 %

Shares of KAR stock traded down $0.12 during trading hours on Wednesday, reaching $20.44. The stock had a trading volume of 25,460 shares, compared to its average volume of 509,271. The stock’s fifty day simple moving average is $20.16 and its 200 day simple moving average is $18.10. The firm has a market capitalization of $2.18 billion, a PE ratio of 78.60, a PEG ratio of 1.78 and a beta of 1.52. OPENLANE has a 12 month low of $12.86 and a 12 month high of $20.85.

OPENLANE (NYSE:KAR) last issued its earnings results 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 for the quarter, compared to the consensus estimate of $431.68 million. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 earnings per share. As a group, equities research analysts anticipate that OPENLANE will post 0.84 EPS for the current fiscal year.

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.