OPENLANE (NYSE:KAR) Sets New 1-Year High – What’s Next?

OPENLANE, Inc. (NYSE:KAR) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $20.96 and last traded at $20.80, with a volume of 34462 shares. The stock had previously closed at $20.65.

Wall Street Analyst Weigh In

A number of analysts have commented on KAR shares. JPMorgan Chase & Co. upped their target price on shares of OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Stephens began coverage on OPENLANE in a research note on Wednesday, January 22nd. They issued an “equal weight” rating and a $20.00 price objective for the company. StockNews.com lowered OPENLANE from a “buy” rating to a “hold” rating in a report on Sunday, January 19th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $25.00 price objective on shares of OPENLANE in a research note on Monday, November 4th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, OPENLANE currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.60.

OPENLANE Trading Down 0.2 %

The stock has a 50 day simple moving average of $20.25 and a 200-day simple moving average of $18.22. The firm has a market cap of $2.22 billion, a PE ratio of 80.03, a price-to-earnings-growth ratio of 1.80 and a beta of 1.52.

OPENLANE (NYSE:KAR) last released its earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share (EPS) 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 firm 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 earnings per share. The firm’s revenue was up 7.6% on a year-over-year basis. On average, equities research analysts expect that OPENLANE, Inc. will post 0.84 EPS for the current year.

Insider Transactions at OPENLANE

In other news, CFO Brad S. Lakhia bought 4,985 shares of OPENLANE stock in a transaction dated Wednesday, November 13th. The shares were purchased at an average cost of $20.06 per share, with a total value of $99,999.10. Following the completion of the acquisition, the chief financial officer now owns 14,303 shares of the company’s stock, valued at $286,918.18. This trade represents a 53.50 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.32% of the company’s stock.

Hedge Funds Weigh In On OPENLANE

Several institutional investors have recently added to or reduced their stakes in the company. 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 raised its stake in OPENLANE by 1.4% during 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 in the last quarter. Charles Schwab Investment Management Inc. lifted its position 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 valued at $29,708,000 after purchasing an additional 6,469 shares during the last quarter. Clifford Capital Partners LLC purchased a new position in shares of OPENLANE in the 3rd quarter worth $10,309,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of OPENLANE by 32.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 545,404 shares of the specialty retailer’s stock worth $9,206,000 after buying an additional 133,767 shares during the last quarter. Hedge funds and other institutional investors 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.