Raymond James Financial Inc. Makes New $5.82 Million Investment in OPENLANE, Inc. (NYSE:KAR)

Raymond James Financial Inc. acquired a new position in OPENLANE, Inc. (NYSE:KAR) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 293,425 shares of the specialty retailer’s stock, valued at approximately $5,822,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Clifford Capital Partners LLC bought a new stake in OPENLANE during the 3rd quarter valued at approximately $10,309,000. Geode Capital Management LLC grew its holdings in OPENLANE by 1.4% during the 3rd 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 in the last quarter. Versor Investments LP purchased a new stake in OPENLANE during the 4th quarter valued at approximately $254,000. Barclays PLC raised its position in shares of OPENLANE by 344.7% during the third quarter. Barclays PLC now owns 178,964 shares of the specialty retailer’s stock valued at $3,022,000 after buying an additional 138,720 shares during the last quarter. Finally, Guidance Capital Inc. purchased a new position in shares of OPENLANE in the fourth quarter worth $472,000. 99.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on KAR. StockNews.com raised OPENLANE from a “hold” rating to a “buy” rating in a report on Thursday, March 20th. Stephens raised OPENLANE from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $20.00 to $26.00 in a research note on Friday, February 28th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a report on Friday, February 21st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.80.

OPENLANE Trading Up 2.3 %

Shares of NYSE:KAR opened at $21.06 on Tuesday. The company has a market cap of $2.25 billion, a price-to-earnings ratio of 39.74, a PEG ratio of 1.85 and a beta of 1.53. OPENLANE, Inc. has a 12 month low of $15.44 and a 12 month high of $22.47. The company has a 50-day moving average price of $20.79 and a 200 day moving average price of $19.16.

OPENLANE (NYSE:KAR) last announced its earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.01. The business had revenue of $455.00 million for the quarter, compared to the consensus estimate of $416.64 million. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. As a group, equities analysts forecast that OPENLANE, Inc. will post 0.95 EPS for the current year.

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.