OPENLANE (NYSE:KAR) Coverage Initiated by Analysts at Stephens

Stephens assumed coverage on shares of OPENLANE (NYSE:KAR) in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. The firm issued an equal weight rating and a $20.00 price objective on the specialty retailer’s stock.

Several other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. boosted 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. Barrington Research reiterated an “outperform” rating and issued a $25.00 price objective on shares of OPENLANE in a report on Monday, November 4th. Finally, StockNews.com cut OPENLANE from a “buy” rating to a “hold” rating in a research note on Sunday. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, OPENLANE presently has an average rating of “Moderate Buy” and a consensus price target of $21.60.

OPENLANE Stock Performance

Shares of OPENLANE stock opened at $20.36 on Wednesday. The business’s 50 day moving average price is $20.17 and its 200 day moving average price is $18.11. The company has a market cap of $2.17 billion, a price-to-earnings ratio of 78.30, a PEG ratio of 1.78 and a beta of 1.52. OPENLANE has a one year low of $12.86 and a one year high of $20.85.

OPENLANE (NYSE:KAR) last posted its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 EPS for the quarter, topping the consensus estimate of $0.22 by $0.04. The business had revenue of $448.00 million for the quarter, compared to analyst estimates of $431.68 million. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.18 EPS. On average, analysts predict that OPENLANE will post 0.84 EPS for the current fiscal year.

Insider Activity at OPENLANE

In other news, CFO Brad S. Lakhia purchased 4,985 shares of the stock in a transaction dated Wednesday, November 13th. The stock was acquired at an average cost of $20.06 per share, for a total transaction of $99,999.10. Following the completion of the transaction, the chief financial officer now directly owns 14,303 shares in the company, valued at approximately $286,918.18. This represents a 53.50 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 2.32% of the stock is owned by insiders.

Hedge Funds Weigh In On OPENLANE

Several hedge funds have recently bought and sold shares of the company. Quarry LP increased its stake in OPENLANE by 201.4% during the second quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock worth $39,000 after purchasing an additional 1,587 shares during the period. KBC Group NV increased its stake in OPENLANE by 51.1% during 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. Pacer Advisors Inc. purchased a new stake in OPENLANE during the 4th quarter worth approximately $187,000. Creative Planning acquired a new stake in OPENLANE during the 3rd quarter worth approximately $193,000. Finally, Deerfield Management Company L.P. Series C purchased a new position in OPENLANE in the 2nd quarter valued at approximately $233,000. 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.