OPENLANE (NYSE:KAR) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of OPENLANE (NYSE:KAR) from a hold rating to a buy rating in a research report sent to investors on Thursday morning.

Other research analysts have also recently issued reports about the stock. Stephens raised shares of OPENLANE from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $20.00 to $26.00 in a report on Friday, February 28th. Barrington Research reaffirmed an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $22.80.

OPENLANE Trading Down 0.1 %

Shares of KAR opened at $20.62 on Thursday. The firm’s 50-day moving average price is $20.76 and its 200-day moving average price is $19.12. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 38.91, a PEG ratio of 1.85 and a beta of 1.53. OPENLANE has a 1-year low of $15.44 and a 1-year high of $22.47.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Burgundy Asset Management Ltd. raised its holdings in shares of OPENLANE by 1.7% during the fourth quarter. Burgundy Asset Management Ltd. now owns 9,278,497 shares of the specialty retailer’s stock valued at $184,085,000 after purchasing an additional 153,975 shares during the last quarter. Geode Capital Management LLC grew its position in OPENLANE by 1.4% during the third quarter. Geode Capital Management LLC now owns 2,475,741 shares of the specialty retailer’s stock valued at $41,799,000 after buying an additional 35,214 shares during the period. Brown Advisory Inc. bought a new stake in OPENLANE during the fourth quarter valued at approximately $43,941,000. Charles Schwab Investment Management Inc. grew its position in OPENLANE by 0.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,759,952 shares of the specialty retailer’s stock valued at $29,708,000 after buying an additional 6,469 shares during the period. Finally, William Blair Investment Management LLC grew its position in OPENLANE by 2.4% during the fourth quarter. William Blair Investment Management LLC now owns 1,493,988 shares of the specialty retailer’s stock valued at $29,641,000 after buying an additional 35,164 shares during the period. 99.76% of the stock is owned by hedge funds and other 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.