Openlane (NYSE:OPLN) Raised to Strong-Buy at Zacks Research

Openlane (NYSE:OPLN) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other analysts have also commented on OPLN. Stephens reissued an “overweight” rating and set a $42.00 price objective on shares of Openlane in a report on Thursday, June 11th. Bank of America lifted their target price on Openlane from $37.00 to $44.00 and gave the company a “neutral” rating in a research report on Thursday. Barclays upped their price target on Openlane from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Robert W. Baird set a $40.00 price target on Openlane in a research report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. upgraded Openlane from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $33.00 to $38.00 in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Openlane has a consensus rating of “Moderate Buy” and an average price target of $40.67.

Openlane Price Performance

Shares of NYSE OPLN opened at $39.88 on Thursday. The firm has a market capitalization of $4.22 billion, a PE ratio of -39.09, a P/E/G ratio of 2.08 and a beta of 1.26. The firm’s 50-day simple moving average is $37.69. Openlane has a 1 year low of $24.10 and a 1 year high of $42.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.16 and a quick ratio of 1.16.

Openlane (NYSE:OPLN) last posted its earnings results on Tuesday, May 5th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.03. Openlane had a net margin of 9.47% and a return on equity of 13.00%. The company had revenue of $527.90 million for the quarter. During the same quarter in the prior year, the company earned $0.31 EPS. The company’s revenue was up 14.8% on a year-over-year basis. Openlane has set its FY 2026 guidance at 1.280-1.420 EPS. As a group, equities research analysts anticipate that Openlane will post 1.31 earnings per share for the current fiscal year.

Insider Activity at Openlane

In other Openlane news, EVP Tobin P. Richer sold 66,709 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $35.77, for a total value of $2,386,180.93. Following the completion of the sale, the executive vice president directly owned 28,697 shares of the company’s stock, valued at $1,026,491.69. This trade represents a 69.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP James P. Coyle sold 15,000 shares of the business’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $35.77, for a total value of $536,550.00. Following the completion of the sale, the executive vice president owned 58,512 shares in the company, valued at approximately $2,092,974.24. The trade was a 20.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 111,972 shares of company stock valued at $4,018,932 over the last quarter. 2.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Openlane

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Salomon & Ludwin LLC bought a new position in Openlane during the fourth quarter worth about $26,000. First Horizon Corp bought a new stake in shares of Openlane in the fourth quarter valued at approximately $27,000. Allworth Financial LP bought a new stake in shares of Openlane in the fourth quarter valued at approximately $38,000. Nomura Asset Management Co. Ltd. purchased a new stake in shares of Openlane during the 4th quarter valued at approximately $39,000. Finally, Fifth Third Bancorp purchased a new stake in shares of Openlane during the 4th quarter valued at approximately $40,000. 99.76% of the stock is currently owned by institutional investors.

Openlane Company Profile

Openlane, Inc operates a digital wholesale vehicle marketplace that facilitates the remarketing of used vehicles for commercial consignors and retail dealers. The company provides an online auction platform that enables buyers and sellers to transact in real time, connecting franchised and independent dealers, fleet operators, rental companies, manufacturers and financial institutions. Its marketplace focuses on vehicles from lease returns, fleet and commercial fleets, repossessions and dealer trade-ins.

In addition to the core auction and listing services, Openlane offers a suite of remarketing support services designed to simplify the end-to-end sale process.