OPENLANE (NYSE:KAR) Cut to Neutral at JPMorgan Chase & Co.

OPENLANE (NYSE:KAR) was downgraded by equities research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report released on Thursday, Marketbeat Ratings reports. They presently have a $20.00 target price on the specialty retailer’s stock, down from their prior target price of $23.00. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 3.82% from the company’s previous close.

Several other analysts have also recently issued reports on KAR. StockNews.com upgraded OPENLANE from a “hold” rating to a “buy” rating in a research note on Thursday, March 20th. Barrington Research restated an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a report on Friday, February 21st. Finally, Stephens raised OPENLANE from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $20.00 to $26.00 in a research report on Friday, February 28th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, OPENLANE presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.20.

OPENLANE Price Performance

Shares of OPENLANE stock opened at $19.27 on Thursday. The stock 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 business has a 50-day moving average of $20.78 and a 200 day moving average of $19.23. OPENLANE has a 12 month low of $15.44 and a 12 month high of $22.47.

OPENLANE (NYSE:KAR) last announced its quarterly earnings data 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. The firm had revenue of $455.00 million during the quarter, compared to analysts’ expectations of $416.64 million. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. Equities research analysts anticipate that OPENLANE will post 0.95 earnings per share for the current year.

Hedge Funds Weigh In On OPENLANE

Large investors have recently bought and sold shares of the business. Raymond James Financial Inc. acquired a new position in shares of OPENLANE during the 4th quarter worth about $5,822,000. Hillsdale Investment Management Inc. acquired a new position in OPENLANE in the fourth quarter valued at approximately $4,115,000. Geode Capital Management LLC increased its stake in OPENLANE by 1.4% in 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 purchasing an additional 35,214 shares during the last quarter. Versor Investments LP acquired a new stake in OPENLANE during the fourth quarter worth approximately $254,000. Finally, Barclays PLC raised its holdings in OPENLANE by 344.7% during the third quarter. Barclays PLC now owns 178,964 shares of the specialty retailer’s stock worth $3,022,000 after purchasing an additional 138,720 shares in the last quarter. Hedge funds and other institutional investors own 99.76% of the company’s stock.

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.