OPENLANE (NYSE:KAR) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of OPENLANE (NYSE:KAR) from a hold rating to a buy rating in a research report sent to investors on Thursday morning.

Several other equities research analysts have also recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Barrington Research reissued an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research report on Monday, November 4th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

OPENLANE Stock Down 0.2 %

NYSE KAR opened at $20.45 on Thursday. OPENLANE has a 52 week low of $12.86 and a 52 week high of $20.85. The firm has a 50 day moving average of $18.97 and a two-hundred day moving average of $17.60. The stock has a market capitalization of $2.18 billion, a PE ratio of 78.66, a price-to-earnings-growth ratio of 2.04 and a beta of 1.53.

OPENLANE (NYSE:KAR) last issued its earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. The firm had revenue of $448.00 million during the quarter, compared to the consensus estimate of $431.68 million. During the same quarter in the previous year, the firm posted $0.18 earnings per share. The company’s revenue was up 7.6% compared to the same quarter last year. On average, equities research analysts expect that OPENLANE will post 0.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Brad S. Lakhia bought 4,985 shares of the stock in a transaction on Wednesday, November 13th. The shares were bought at an average cost of $20.06 per share, for a total transaction of $99,999.10. Following the purchase, the chief financial officer now owns 14,303 shares of the company’s stock, valued at $286,918.18. This trade represents a 53.50 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On OPENLANE

Several hedge funds have recently modified their holdings of KAR. Raymond James & Associates raised its position in OPENLANE by 293.5% during the 2nd quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer’s stock worth $4,034,000 after buying an additional 181,364 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in OPENLANE by 1.9% during the second quarter. Louisiana State Employees Retirement System now owns 54,500 shares of the specialty retailer’s stock worth $904,000 after purchasing an additional 1,000 shares in the last quarter. Bank of New York Mellon Corp lifted its position in OPENLANE by 2.2% in the second quarter. Bank of New York Mellon Corp now owns 876,398 shares of the specialty retailer’s stock valued at $14,539,000 after purchasing an additional 18,706 shares during the period. Peregrine Capital Management LLC boosted its holdings in OPENLANE by 1.3% in the 2nd quarter. Peregrine Capital Management LLC now owns 350,684 shares of the specialty retailer’s stock valued at $5,818,000 after purchasing an additional 4,558 shares in the last quarter. Finally, Versor Investments LP acquired a new position in OPENLANE during the 2nd quarter worth approximately $213,000. 99.76% of the stock is owned by institutional investors and hedge funds.

About OPENLANE

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.