OPENLANE, Inc. (NYSE:KAR) Receives $21.60 Consensus Price Target from Brokerages

OPENLANE, Inc. (NYSE:KAR) has received a consensus rating of “Moderate Buy” from the five research firms that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $21.60.

KAR has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on shares of OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. StockNews.com lowered shares of OPENLANE from a “buy” rating to a “hold” rating in a research report on Sunday, January 19th. Stephens assumed coverage on OPENLANE in a research note on Wednesday. They issued an “equal weight” rating and a $20.00 price target for the company. Finally, Barrington Research reissued an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a report on Monday, November 4th.

OPENLANE Stock Up 0.1 %

KAR stock opened at $20.66 on Wednesday. The company’s 50-day moving average price is $20.20 and its two-hundred day moving average price is $18.16. OPENLANE has a 12 month low of $12.86 and a 12 month high of $20.85. The firm has a market cap of $2.21 billion, a P/E ratio of 79.45, a P/E/G ratio of 1.80 and a beta of 1.52.

OPENLANE (NYSE:KAR) last issued its quarterly earnings results 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. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. The company had revenue of $448.00 million for the quarter, compared to analyst estimates of $431.68 million. During the same quarter last year, the company posted $0.18 EPS. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. Equities analysts predict that OPENLANE will post 0.84 EPS for the current year.

Insider Transactions at OPENLANE

In other news, CFO Brad S. Lakhia bought 4,985 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was acquired at an average price of $20.06 per share, with a total value of $99,999.10. Following 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On OPENLANE

Several large investors have recently modified their holdings of the company. Renaissance Technologies LLC acquired a new stake in OPENLANE during the 2nd quarter worth about $3,243,000. Public Sector Pension Investment Board grew its stake in OPENLANE by 7.6% during the second quarter. Public Sector Pension Investment Board now owns 238,336 shares of the specialty retailer’s stock worth $3,954,000 after purchasing an additional 16,929 shares during the period. Bank of Montreal Can grew its stake in OPENLANE by 274.1% during the second quarter. Bank of Montreal Can now owns 42,563 shares of the specialty retailer’s stock worth $707,000 after purchasing an additional 31,186 shares during the period. Deerfield Management Company L.P. Series C bought a new stake in OPENLANE in the second quarter worth approximately $233,000. Finally, D. E. Shaw & Co. Inc. lifted its stake in OPENLANE by 14.4% in the second quarter. D. E. Shaw & Co. Inc. now owns 1,441,923 shares of the specialty retailer’s stock valued at $23,922,000 after buying an additional 181,130 shares during the period. 99.76% of the stock is currently owned by institutional investors and hedge funds.

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.