OPENLANE (NYSE:KAR) Stock Rating Upgraded by StockNews.com

OPENLANE (NYSE:KAR) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Thursday.

A number of other brokerages also recently issued reports on KAR. 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 research report on Wednesday, November 20th. Barrington Research reiterated an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research report on Monday, November 4th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.00.

OPENLANE Trading Down 1.6 %

OPENLANE stock opened at $20.12 on Thursday. The firm has a market cap of $2.15 billion, a P/E ratio of 77.39, a P/E/G ratio of 2.04 and a beta of 1.53. OPENLANE has a 1-year low of $12.86 and a 1-year high of $20.85. The firm has a 50-day moving average of $19.05 and a 200-day moving average of $17.62.

OPENLANE (NYSE:KAR) last released its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.04. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. The business had revenue of $448.00 million during the quarter, compared to analysts’ expectations of $431.68 million. During the same quarter last year, the business posted $0.18 EPS. The business’s revenue was up 7.6% on a year-over-year basis. Research analysts forecast that OPENLANE will post 0.84 earnings per share for the current fiscal year.

Insider Buying and Selling at OPENLANE

In other OPENLANE news, CFO Brad S. Lakhia acquired 4,985 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were acquired at an average price of $20.06 per share, for a total transaction of $99,999.10. Following the completion of the acquisition, the chief financial officer now owns 14,303 shares in the company, valued at $286,918.18. This trade represents a 53.50 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.32% of the company’s stock.

Hedge Funds Weigh In On OPENLANE

Large investors have recently made changes to their positions in the business. Renaissance Technologies LLC bought a new position in OPENLANE during the 2nd quarter valued at approximately $3,243,000. Clifford Capital Partners LLC bought a new position in shares of OPENLANE during the third quarter valued at $10,309,000. Burgundy Asset Management Ltd. raised its position in shares of OPENLANE by 1.7% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 8,921,967 shares of the specialty retailer’s stock worth $148,015,000 after purchasing an additional 146,266 shares during the last quarter. Raymond James & Associates boosted its stake in OPENLANE by 293.5% in the 2nd quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer’s stock worth $4,034,000 after purchasing an additional 181,364 shares in the last quarter. Finally, River Road Asset Management LLC grew its position in 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 purchasing an additional 671,104 shares during the last quarter. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

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.