OPENLANE (NYSE:KAR) Rating Lowered to Hold at StockNews.com

OPENLANE (NYSE:KAR) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

Several other brokerages also recently weighed in on KAR. JPMorgan Chase & Co. increased their target price on shares of OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Barrington Research reiterated an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a research note on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.00.

OPENLANE Stock Down 0.7 %

NYSE:KAR opened at $20.03 on Friday. The company has a market capitalization of $2.14 billion, a PE ratio of 77.04, a P/E/G ratio of 2.04 and a beta of 1.53. OPENLANE has a 52-week low of $12.86 and a 52-week high of $20.85. The stock’s 50 day moving average price is $19.52 and its 200 day moving average price is $17.77.

OPENLANE (NYSE:KAR) last announced its earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. The business had revenue of $448.00 million for the quarter, compared to analyst estimates of $431.68 million. During the same period last year, the firm posted $0.18 earnings per share. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that OPENLANE will post 0.84 EPS for the current fiscal year.

Insider Buying and Selling

In other OPENLANE news, CFO Brad S. Lakhia bought 4,985 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were bought at an average price of $20.06 per share, for a total transaction of $99,999.10. Following the transaction, the chief financial officer now owns 14,303 shares of the company’s stock, valued at approximately $286,918.18. This trade represents a 53.50 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.32% of the stock is currently owned by corporate insiders.

Institutional Trading of OPENLANE

A number of institutional investors have recently modified their holdings of the business. Verdence Capital Advisors LLC lifted its holdings in OPENLANE by 5.3% in the third quarter. Verdence Capital Advisors LLC now owns 15,822 shares of the specialty retailer’s stock valued at $267,000 after acquiring an additional 793 shares during the period. State of New Jersey Common Pension Fund D lifted its stake in shares of OPENLANE by 0.9% in the third quarter. State of New Jersey Common Pension Fund D now owns 112,320 shares of the specialty retailer’s stock valued at $1,896,000 after purchasing an additional 1,018 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in OPENLANE by 2.7% during the second quarter. The Manufacturers Life Insurance Company now owns 54,254 shares of the specialty retailer’s stock worth $900,000 after buying an additional 1,450 shares in the last quarter. BNP Paribas Financial Markets grew its position in OPENLANE by 6.6% during the third quarter. BNP Paribas Financial Markets now owns 23,889 shares of the specialty retailer’s stock worth $403,000 after buying an additional 1,472 shares during the period. Finally, Quarry LP increased its holdings in OPENLANE by 201.4% in the second quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock valued at $39,000 after buying an additional 1,587 shares in the last quarter. 99.76% of the stock is currently owned by hedge funds and other 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.