OPENLANE (NYSE:KAR) Stock Rating Upgraded by StockNews.com

OPENLANE (NYSE:KAR) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other analysts have also recently commented on the stock. Barrington Research reiterated an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research report on Monday, November 4th. JPMorgan Chase & Co. upped their price objective on OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, OPENLANE currently has an average rating of “Moderate Buy” and a consensus price target of $22.00.

OPENLANE Price Performance

NYSE KAR opened at $19.78 on Friday. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of 76.08, a PEG ratio of 2.04 and a beta of 1.52. OPENLANE has a 1-year low of $12.86 and a 1-year high of $20.85. The business’s fifty day moving average price is $19.92 and its 200-day moving average price is $17.91.

OPENLANE (NYSE:KAR) last posted its earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 8.67% and a net margin of 4.26%. OPENLANE’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.18 earnings per share. Equities research analysts anticipate that OPENLANE will post 0.84 EPS for the current year.

Insider Buying and Selling at OPENLANE

In other OPENLANE news, CFO Brad S. Lakhia bought 4,985 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was purchased at an average price of $20.06 per share, for a total transaction of $99,999.10. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.32% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its holdings in shares of OPENLANE by 0.7% in the second quarter. Dimensional Fund Advisors LP now owns 7,143,903 shares of the specialty retailer’s stock worth $118,517,000 after buying an additional 50,773 shares in the last quarter. Renaissance Technologies LLC bought a new stake in OPENLANE in the 2nd quarter valued at $3,243,000. Edgestream Partners L.P. purchased a new stake in OPENLANE in the 2nd quarter worth $583,000. MQS Management LLC bought a new position in shares of OPENLANE during the 2nd quarter valued at about $204,000. Finally, Burgundy Asset Management Ltd. grew its position in shares of OPENLANE by 1.7% during the second quarter. Burgundy Asset Management Ltd. now owns 8,921,967 shares of the specialty retailer’s stock valued at $148,015,000 after purchasing an additional 146,266 shares in the last quarter. 99.76% of the stock is currently owned by institutional investors.

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.