OPENLANE (NYSE:KAR) Cut to Hold at StockNews.com

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

A number of other analysts have also issued reports on KAR. Stephens raised 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 research report on Friday, February 28th. Barrington Research restated an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. cut OPENLANE from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $23.00 to $20.00 in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.20.

OPENLANE Stock Down 0.4 %

Shares of NYSE:KAR opened at $19.27 on Friday. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of 36.35, a price-to-earnings-growth ratio of 1.85 and a beta of 1.53. The company has a 50 day moving average of $20.78 and a two-hundred day moving average of $19.23. OPENLANE has a 52-week low of $15.44 and a 52-week high of $22.47.

OPENLANE (NYSE:KAR) last released its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share 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 business had revenue of $455.00 million during the quarter, compared to analyst estimates of $416.64 million. On average, equities analysts anticipate that OPENLANE will post 0.95 earnings per share for the current year.

Institutional Trading of OPENLANE

Institutional investors and hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in shares of OPENLANE during the 4th quarter valued at approximately $5,822,000. Hillsdale Investment Management Inc. bought a new stake in OPENLANE during the fourth quarter valued at $4,115,000. Geode Capital Management LLC raised its holdings in shares of OPENLANE by 1.4% during the third quarter. Geode Capital Management LLC now owns 2,475,741 shares of the specialty retailer’s stock worth $41,799,000 after purchasing an additional 35,214 shares during the period. Versor Investments LP bought a new position in shares of OPENLANE in the 4th quarter worth about $254,000. Finally, Barclays PLC boosted its holdings in shares of OPENLANE by 344.7% in the 3rd 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 period. Institutional investors and hedge funds 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.