OPENLANE (NYSE:KAR) Sets New 52-Week High After Earnings Beat

Shares of OPENLANE, Inc. (NYSE:KAR) reached a new 52-week high during trading on Thursday following a better than expected earnings announcement. The company traded as high as $21.93 and last traded at $20.68, with a volume of 148496 shares. The stock had previously closed at $20.07.

The specialty retailer reported $0.21 EPS for the quarter, topping the consensus estimate of $0.20 by $0.01. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. The firm had revenue of $455.00 million for the quarter, compared to the consensus estimate of $416.64 million.

Wall Street Analyst Weigh In

Several brokerages recently commented on KAR. StockNews.com raised shares of OPENLANE from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Barrington Research reissued an “outperform” rating and set a $25.00 target price on shares of OPENLANE in a research note on Friday, February 14th. JPMorgan Chase & Co. upped their target price on OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Finally, Stephens began coverage on shares of OPENLANE in a report on Wednesday, January 22nd. They issued an “equal weight” rating and a $20.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, OPENLANE has an average rating of “Moderate Buy” and a consensus price target of $21.60.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Creative Planning bought a new stake in OPENLANE during the third quarter worth about $193,000. Raymond James & Associates grew its stake in shares of OPENLANE by 20.1% in the 3rd quarter. Raymond James & Associates now owns 292,094 shares of the specialty retailer’s stock worth $4,931,000 after buying an additional 48,930 shares during the last quarter. Everence Capital Management Inc. increased its position in OPENLANE by 20.5% during the 3rd quarter. Everence Capital Management Inc. now owns 14,500 shares of the specialty retailer’s stock valued at $245,000 after buying an additional 2,470 shares in the last quarter. International Assets Investment Management LLC raised its stake in OPENLANE by 1,588.0% during the third quarter. International Assets Investment Management LLC now owns 19,834 shares of the specialty retailer’s stock valued at $335,000 after buying an additional 18,659 shares during the last quarter. Finally, River Road Asset Management LLC raised its stake in OPENLANE by 15.3% during the third 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 last quarter. Institutional investors own 99.76% of the company’s stock.

OPENLANE Stock Up 1.5 %

The firm has a market capitalization of $2.18 billion, a P/E ratio of 78.30, a P/E/G ratio of 1.78 and a beta of 1.52. The company has a fifty day simple moving average of $20.38 and a 200 day simple moving average of $18.51.

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.