OPENLANE (NYSE:KAR) Earns Equal Weight Rating from Analysts at Stephens

Stephens assumed coverage on shares of OPENLANE (NYSE:KAR) in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. The brokerage set an “equal weight” rating and a $20.00 price target on the specialty retailer’s stock. Stephens’ price objective points to a potential downside of 2.77% from the stock’s current price.

A number of other research analysts have also weighed in on KAR. StockNews.com lowered shares of OPENLANE from a “buy” rating to a “hold” rating in a research report on Sunday. Barrington Research restated an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research report on Monday, November 4th. Finally, JPMorgan Chase & Co. upped their price objective on shares of OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, OPENLANE has a consensus rating of “Moderate Buy” and a consensus price target of $21.60.

OPENLANE Trading Up 2.3 %

Shares of NYSE:KAR opened at $20.57 on Wednesday. OPENLANE has a 1 year low of $12.86 and a 1 year high of $20.85. The business has a fifty day simple moving average of $20.16 and a 200 day simple moving average of $18.10. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of 79.12, a P/E/G ratio of 1.78 and a beta of 1.52.

OPENLANE (NYSE:KAR) last released its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. The business had revenue of $448.00 million during the quarter, compared to analyst estimates of $431.68 million. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. OPENLANE’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.18 EPS. On average, sell-side analysts forecast that OPENLANE will post 0.84 EPS for the current year.

Insiders Place Their Bets

In other OPENLANE news, CFO Brad S. Lakhia purchased 4,985 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were acquired at an average cost of $20.06 per share, for a total transaction of $99,999.10. Following the transaction, the chief financial officer now directly owns 14,303 shares in the company, valued at approximately $286,918.18. The trade was a 53.50 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.32% of the company’s stock.

Institutional Investors Weigh In On OPENLANE

A number of hedge funds have recently added to or reduced their stakes in the stock. Quarry LP raised its position in shares of OPENLANE by 201.4% during the second quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock worth $39,000 after acquiring an additional 1,587 shares during the last quarter. Creative Planning acquired a new stake in shares of OPENLANE during the third quarter worth $193,000. Deerfield Management Company L.P. Series C bought a new stake in shares of OPENLANE in the 2nd quarter valued at about $233,000. Everence Capital Management Inc. raised its holdings in OPENLANE by 20.5% in the third quarter. Everence Capital Management Inc. now owns 14,500 shares of the specialty retailer’s stock worth $245,000 after purchasing an additional 2,470 shares during the period. Finally, Verdence Capital Advisors LLC raised its stake in OPENLANE by 5.3% during the 3rd quarter. Verdence Capital Advisors LLC now owns 15,822 shares of the specialty retailer’s stock worth $267,000 after buying an additional 793 shares during the period. Institutional investors own 99.76% of the company’s stock.

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.