OPENLANE (NYSE:KAR) Cut to “Neutral” at JPMorgan Chase & Co.

OPENLANE (NYSE:KAR) was downgraded by analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a note issued to investors on Thursday,Briefing.com Automated Import reports. They presently have a $20.00 price target on the specialty retailer’s stock, down from their prior price target of $23.00. JPMorgan Chase & Co.‘s target price suggests a potential downside of 4.69% from the stock’s current price.

A number of other analysts also recently commented on KAR. Stephens upgraded shares of OPENLANE from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $20.00 to $26.00 in a research report on Friday, February 28th. Barrington Research restated an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a research report on Friday, February 21st. Finally, StockNews.com upgraded OPENLANE from a “hold” rating to a “buy” rating in a research report on Thursday, March 20th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, OPENLANE presently has a consensus rating of “Moderate Buy” and an average price target of $22.20.

OPENLANE Trading Down 0.6 %

Shares of NYSE KAR opened at $20.99 on Thursday. OPENLANE has a 12-month low of $15.44 and a 12-month high of $22.47. The company has a market cap of $2.24 billion, a PE ratio of 39.60, a P/E/G ratio of 1.85 and a beta of 1.53. The stock has a 50 day simple moving average of $20.82 and a 200-day simple moving average of $19.21.

OPENLANE (NYSE:KAR) last released its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share (EPS) for the quarter, topping 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 company had revenue of $455.00 million during the quarter, compared to analysts’ expectations of $416.64 million. Sell-side analysts forecast that OPENLANE will post 0.95 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Burgundy Asset Management Ltd. lifted its position in shares of OPENLANE by 1.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 9,278,497 shares of the specialty retailer’s stock valued at $184,085,000 after acquiring an additional 153,975 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of 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 OPENLANE in the 4th quarter worth about $43,941,000. Charles Schwab Investment Management Inc. raised its holdings in OPENLANE by 0.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,759,952 shares of the specialty retailer’s stock worth $29,708,000 after buying an additional 6,469 shares during the period. Finally, William Blair Investment Management LLC lifted its stake in OPENLANE by 2.4% during the fourth quarter. William Blair Investment Management LLC now owns 1,493,988 shares of the specialty retailer’s stock valued at $29,641,000 after buying an additional 35,164 shares in the last quarter. Institutional investors and hedge funds own 99.76% of the company’s stock.

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.