OPENLANE (NYSE:KAR) Shares Gap Down – What’s Next?

OPENLANE, Inc. (NYSE:KAR)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $20.99, but opened at $19.61. OPENLANE shares last traded at $19.93, with a volume of 261,125 shares.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. StockNews.com cut OPENLANE from a “buy” rating to a “hold” rating in a research note on Friday. JPMorgan Chase & Co. cut OPENLANE from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $23.00 to $20.00 in a report on Thursday. Stephens raised OPENLANE from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $20.00 to $26.00 in a report on Friday, February 28th. Finally, Barrington Research restated an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research note on Friday, February 21st. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.20.

OPENLANE Stock Down 0.4 %

The company has a market cap of $2.06 billion, a price-to-earnings ratio of 36.35, a P/E/G ratio of 1.85 and a beta of 1.53. The company has a 50 day moving average price of $20.78 and a 200-day moving average price of $19.23.

OPENLANE (NYSE:KAR) last released its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $0.21 EPS for the quarter, beating the consensus estimate of $0.20 by $0.01. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The firm had revenue of $455.00 million during the quarter, compared to the consensus estimate of $416.64 million. On average, analysts forecast that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Institutional Trading of OPENLANE

A number of hedge funds have recently bought and sold shares of the business. Burgundy Asset Management Ltd. boosted its position in OPENLANE by 1.7% during the fourth quarter. Burgundy Asset Management Ltd. now owns 9,278,497 shares of the specialty retailer’s stock worth $184,085,000 after purchasing an additional 153,975 shares during the period. Geode Capital Management LLC boosted its holdings in OPENLANE by 1.4% in 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 purchasing an additional 35,214 shares during the period. Brown Advisory Inc. purchased a new position in shares of OPENLANE during the 4th quarter valued at $43,941,000. Charles Schwab Investment Management Inc. increased its holdings in shares of OPENLANE by 0.4% in 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. Finally, William Blair Investment Management LLC raised its position in shares of OPENLANE by 2.4% in the fourth quarter. William Blair Investment Management LLC now owns 1,493,988 shares of the specialty retailer’s stock worth $29,641,000 after buying an additional 35,164 shares in the last quarter. 99.76% of the stock is currently owned by institutional investors.

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.