Brokerages Set OPENLANE, Inc. (NYSE:KAR) Price Target at $19.60

OPENLANE, Inc. (NYSE:KAR) has been given an average recommendation of “Moderate Buy” by the five research firms that are currently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $19.60.

Several research analysts recently issued reports on KAR shares. Robert W. Baird upped their price target on shares of OPENLANE from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. Bank of America upgraded shares of OPENLANE from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $16.00 to $20.00 in a research report on Wednesday, April 10th. Finally, Barrington Research reissued an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a report on Thursday, May 2nd.

Insider Transactions at OPENLANE

In other news, EVP James P. Coyle sold 6,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $18.09, for a total value of $108,540.00. Following the completion of the sale, the executive vice president now owns 23,885 shares of the company’s stock, valued at approximately $432,079.65. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 2.32% of the company’s stock.

Institutional Investors Weigh In On OPENLANE

Hedge funds have recently added to or reduced their stakes in the business. Hawk Ridge Capital Management LP increased its stake in shares of OPENLANE by 5.3% during the fourth quarter. Hawk Ridge Capital Management LP now owns 3,900,178 shares of the specialty retailer’s stock worth $57,762,000 after purchasing an additional 195,200 shares during the period. Invenomic Capital Management LP bought a new stake in OPENLANE in the 4th quarter valued at about $6,009,000. Mackenzie Financial Corp bought a new stake in OPENLANE in the 4th quarter valued at about $846,000. Olympiad Research LP acquired a new position in shares of OPENLANE during the 4th quarter worth approximately $255,000. Finally, Brown Advisory Inc. bought a new position in shares of OPENLANE during the fourth quarter worth approximately $362,000. Institutional investors and hedge funds own 99.76% of the company’s stock.

OPENLANE Trading Down 0.2 %

Shares of KAR stock opened at $16.36 on Monday. The company has a market capitalization of $1.77 billion, a P/E ratio of -9.14, a P/E/G ratio of 1.10 and a beta of 1.46. OPENLANE has a 12-month low of $12.86 and a 12-month high of $18.41. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $17.13 and a 200 day moving average price of $15.95.

OPENLANE (NYSE:KAR) last released its quarterly earnings results on Wednesday, May 1st. The specialty retailer reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.02). OPENLANE had a positive return on equity of 8.53% and a negative net margin of 9.04%. The business had revenue of $416.30 million for the quarter, compared to the consensus estimate of $425.19 million. During the same quarter last year, the company earned $0.12 earnings per share. The firm’s revenue was down 1.0% on a year-over-year basis. Research analysts forecast that OPENLANE will post 0.81 earnings per share 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.