Analysts Set OPENLANE, Inc. (NYSE:KAR) PT at $22.20

OPENLANE, Inc. (NYSE:KAR) has received a consensus recommendation of “Moderate Buy” from the five analysts that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $22.20.

A number of research analysts have issued reports on KAR shares. StockNews.com downgraded shares of OPENLANE from a “buy” rating to a “hold” rating in a research note on Friday, March 28th. Barrington Research restated an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research report on Friday, February 21st. JPMorgan Chase & Co. cut shares of OPENLANE from an “overweight” rating to a “neutral” rating and cut their target price for the company from $23.00 to $20.00 in a research note on Thursday, March 27th. Finally, Stephens raised OPENLANE from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $20.00 to $26.00 in a report on Friday, February 28th.

Hedge Funds Weigh In On OPENLANE

A number of institutional investors have recently modified their holdings of the stock. Bank of Montreal Can increased its holdings in shares of OPENLANE by 9.6% in the fourth quarter. Bank of Montreal Can now owns 13,268 shares of the specialty retailer’s stock valued at $263,000 after purchasing an additional 1,161 shares in the last quarter. Two Sigma Investments LP boosted its position in OPENLANE by 1.1% in the 4th quarter. Two Sigma Investments LP now owns 126,451 shares of the specialty retailer’s stock valued at $2,509,000 after buying an additional 1,339 shares during the last quarter. BNP Paribas Financial Markets boosted its position in OPENLANE by 6.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 23,889 shares of the specialty retailer’s stock valued at $403,000 after buying an additional 1,472 shares during the last quarter. Carolina Wealth Advisors LLC increased its stake in shares of OPENLANE by 3.7% in the 4th quarter. Carolina Wealth Advisors LLC now owns 41,912 shares of the specialty retailer’s stock valued at $832,000 after buying an additional 1,477 shares during the period. Finally, Canada Pension Plan Investment Board bought a new stake in shares of OPENLANE during the fourth quarter worth $34,000. 99.76% of the stock is owned by institutional investors.

OPENLANE Price Performance

KAR opened at $18.98 on Monday. The company has a market capitalization of $2.03 billion, a P/E ratio of 35.81, a P/E/G ratio of 1.85 and a beta of 1.38. The firm’s fifty day moving average price is $20.42 and its two-hundred day moving average price is $19.39. OPENLANE has a fifty-two week low of $15.44 and a fifty-two week high of $22.47.

OPENLANE (NYSE:KAR) last issued its earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The business had revenue of $455.00 million during the quarter, compared to analysts’ expectations of $416.64 million. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. On average, equities research analysts expect that OPENLANE will post 0.95 EPS for the current fiscal year.

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.