OPENLANE, Inc. (NYSE:KAR) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of OPENLANE, Inc. (NYSE:KAR) have been assigned a consensus recommendation of “Moderate Buy” from the five brokerages that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $19.60.

Separately, Barrington Research reissued an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research report on Friday, September 20th.

OPENLANE Trading Down 1.5 %

Shares of OPENLANE stock opened at $16.63 on Wednesday. The stock’s fifty day moving average price is $17.05 and its 200-day moving average price is $17.11. The firm has a market cap of $1.80 billion, a P/E ratio of -9.29, a P/E/G ratio of 1.73 and a beta of 1.44. OPENLANE has a 12 month low of $12.86 and a 12 month high of $18.73.

OPENLANE (NYSE:KAR) last posted its quarterly earnings results on Wednesday, August 7th. The specialty retailer reported $0.19 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.02). The business had revenue of $431.80 million during the quarter, compared to the consensus estimate of $426.11 million. OPENLANE had a net margin of 3.39% and a return on equity of 7.85%. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.25 EPS. Analysts forecast that OPENLANE will post 0.78 earnings per share for the current year.

Hedge Funds Weigh In On OPENLANE

Several hedge funds have recently made changes to their positions in the company. Sunriver Management LLC increased its holdings in shares of OPENLANE by 729.7% in the fourth quarter. Sunriver Management LLC now owns 2,338,093 shares of the specialty retailer’s stock valued at $34,627,000 after purchasing an additional 2,056,280 shares during the period. Invenomic Capital Management LP boosted its holdings in shares of OPENLANE by 277.0% in the 1st quarter. Invenomic Capital Management LP now owns 1,529,680 shares of the specialty retailer’s stock valued at $26,463,000 after acquiring an additional 1,123,953 shares during the last quarter. Norges Bank acquired a new stake in shares of OPENLANE in the fourth quarter worth $10,426,000. CenterBook Partners LP acquired a new stake in shares of OPENLANE in the fourth quarter worth $4,069,000. Finally, Renaissance Technologies LLC purchased a new position in shares of OPENLANE during the second quarter worth $3,243,000. 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.