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

OPENLANE (NYSE:KAR) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Monday.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. increased their price objective on OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Barrington Research reissued an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a report on Monday, November 4th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, OPENLANE currently has an average rating of “Moderate Buy” and an average price target of $22.00.

OPENLANE Stock Up 0.4 %

KAR opened at $20.60 on Monday. OPENLANE has a 52 week low of $12.86 and a 52 week high of $20.85. The company has a market capitalization of $2.20 billion, a P/E ratio of 79.23, a PEG ratio of 2.01 and a beta of 1.53. The stock’s fifty day moving average is $17.98 and its two-hundred day moving average is $17.35.

OPENLANE (NYSE:KAR) last posted its earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The company had revenue of $448.00 million during the quarter, compared to analyst estimates of $431.68 million. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. OPENLANE’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.18 earnings per share. Equities analysts anticipate that OPENLANE will post 0.84 earnings per share for the current year.

Insider Activity at OPENLANE

In other news, CFO Brad S. Lakhia bought 4,985 shares of OPENLANE 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 completion of the acquisition, the chief financial officer now directly owns 14,303 shares of the company’s stock, valued at $286,918.18. The trade was a 53.50 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On OPENLANE

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Burgundy Asset Management Ltd. raised its holdings in OPENLANE by 1.7% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 8,921,967 shares of the specialty retailer’s stock valued at $148,015,000 after acquiring an additional 146,266 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of OPENLANE by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,143,903 shares of the specialty retailer’s stock worth $118,517,000 after acquiring an additional 50,773 shares during the period. River Road Asset Management LLC boosted its position in shares of OPENLANE by 15.3% during the 3rd quarter. River Road Asset Management LLC now owns 5,045,087 shares of the specialty retailer’s stock valued at $85,161,000 after acquiring an additional 671,104 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of 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 period. Finally, Charles Schwab Investment Management Inc. raised its stake 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 worth $29,708,000 after purchasing an additional 6,469 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.