OPENLANE (NYSE:KAR) Shares Up 4.3% – Still a Buy?

OPENLANE, Inc. (NYSE:KAR)’s stock price rose 4.3% during trading on Tuesday . The company traded as high as $20.08 and last traded at $20.10. Approximately 700,443 shares changed hands during mid-day trading, a decline of 7% from the average daily volume of 752,047 shares. The stock had previously closed at $19.28.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Stephens raised OPENLANE from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $20.00 to $26.00 in a report on Friday, February 28th. StockNews.com downgraded OPENLANE from a “buy” rating to a “hold” rating in a research note on Friday, March 28th. Barrington Research reissued an “outperform” rating and issued a $25.00 price objective on shares of OPENLANE in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. downgraded shares of OPENLANE from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $23.00 to $20.00 in a report on Thursday, March 27th. Three research 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 company currently has a consensus rating of “Moderate Buy” and an average target price of $22.20.

OPENLANE Price Performance

The business’s fifty day moving average price is $20.72 and its 200-day moving average price is $19.33. The stock has a market capitalization of $2.01 billion, a PE ratio of 35.50, a P/E/G ratio of 1.85 and a beta of 1.53.

OPENLANE (NYSE:KAR) last issued its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $0.21 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 analyst estimates of $416.64 million. On average, analysts expect that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

Institutional Trading of OPENLANE

Several institutional investors have recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board purchased a new stake in OPENLANE during the 4th quarter valued at about $34,000. Quarry LP increased its position in shares of OPENLANE by 414.6% in the fourth quarter. Quarry LP now owns 2,182 shares of the specialty retailer’s stock valued at $43,000 after acquiring an additional 1,758 shares during the period. Smartleaf Asset Management LLC grew its stake in shares of OPENLANE by 435.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer’s stock worth $51,000 after purchasing an additional 2,062 shares during the last quarter. Johnson Financial Group Inc. bought a new position in OPENLANE during the 4th quarter valued at approximately $68,000. Finally, KBC Group NV lifted its holdings in OPENLANE by 51.1% in the 4th quarter. KBC Group NV now owns 5,314 shares of the specialty retailer’s stock worth $105,000 after buying an additional 1,798 shares during the period. 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.