OPENLANE (NYSE:KAR) Sets New 12-Month High at $18.46

OPENLANE, Inc. (NYSE:KAR)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $18.46 and last traded at $18.39, with a volume of 76811 shares changing hands. The stock had previously closed at $18.02.

Analyst Upgrades and Downgrades

KAR has been the subject of several research reports. Barrington Research reiterated an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a report on Thursday, May 2nd. Bank of America upgraded OPENLANE from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $16.00 to $20.00 in a report on Wednesday, April 10th. Finally, Robert W. Baird lifted their price target on OPENLANE from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.60.

OPENLANE Price Performance

The stock has a 50 day moving average of $16.99 and a two-hundred day moving average of $16.14. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.15 and a current ratio of 1.15. The firm has a market capitalization of $1.99 billion, a P/E ratio of -10.07, a P/E/G ratio of 1.18 and a beta of 1.44.

OPENLANE (NYSE:KAR) last issued its quarterly earnings data on Wednesday, May 1st. The specialty retailer reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.02). OPENLANE had a negative net margin of 9.04% and a positive return on equity of 8.53%. The company had revenue of $416.30 million during the quarter, compared to the consensus estimate of $425.19 million. During the same period in the previous year, the business posted $0.12 earnings per share. The firm’s revenue was down 1.0% on a year-over-year basis. Sell-side analysts predict that OPENLANE, Inc. will post 0.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other OPENLANE news, EVP James P. Coyle sold 6,000 shares of OPENLANE stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $18.09, for a total value of $108,540.00. Following the transaction, the executive vice president now directly owns 23,885 shares of the company’s stock, valued at approximately $432,079.65. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.32% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Texas Permanent School Fund Corp grew its holdings in shares of OPENLANE by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 94,536 shares of the specialty retailer’s stock worth $1,635,000 after purchasing an additional 1,264 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of OPENLANE by 6.4% during the 1st quarter. ProShare Advisors LLC now owns 21,562 shares of the specialty retailer’s stock worth $373,000 after purchasing an additional 1,290 shares in the last quarter. TFO Wealth Partners LLC grew its holdings in shares of OPENLANE by 16,018.2% during the 4th quarter. TFO Wealth Partners LLC now owns 1,773 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 1,762 shares in the last quarter. Illinois Municipal Retirement Fund grew its holdings in shares of OPENLANE by 3.0% during the 4th quarter. Illinois Municipal Retirement Fund now owns 65,179 shares of the specialty retailer’s stock worth $965,000 after purchasing an additional 1,891 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its holdings in shares of OPENLANE by 1.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 120,065 shares of the specialty retailer’s stock worth $2,075,000 after purchasing an additional 1,919 shares in the last quarter. 99.76% of the stock is 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.