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

StockNews.com lowered shares of OPENLANE (NYSE:KAR) from a buy rating to a hold rating in a research report report published on Wednesday.

KAR has been the topic of a number of other research reports. Barrington Research reissued an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a research note on Monday, November 4th. JPMorgan Chase & Co. upped their price objective on OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.00.

OPENLANE Stock Performance

Shares of KAR stock opened at $20.29 on Wednesday. OPENLANE has a 12 month low of $12.86 and a 12 month high of $20.85. The company has a market capitalization of $2.17 billion, a P/E ratio of 78.04, a P/E/G ratio of 2.05 and a beta of 1.53. The stock has a 50 day moving average of $18.70 and a two-hundred day moving average of $17.53.

OPENLANE (NYSE:KAR) last issued its earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $448.00 million during 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%. OPENLANE’s revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 earnings per share. Sell-side analysts predict that OPENLANE will post 0.84 earnings per share for the current fiscal year.

Insider Buying and Selling at OPENLANE

In other OPENLANE news, CFO Brad S. Lakhia purchased 4,985 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was purchased at an average cost of $20.06 per share, with a total value of $99,999.10. Following the acquisition, the chief financial officer now directly 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 acquisition was disclosed in a filing with the SEC, which is available through this link. Company insiders own 2.32% of the company’s stock.

Institutional Trading of OPENLANE

Several large investors have recently made changes to their positions in the business. River Road Asset Management LLC raised its holdings in shares of OPENLANE by 15.3% in the third quarter. River Road Asset Management LLC now owns 5,045,087 shares of the specialty retailer’s stock valued at $85,161,000 after buying an additional 671,104 shares during the last quarter. Clifford Capital Partners LLC acquired a new position in shares of OPENLANE during the third quarter worth approximately $10,309,000. Renaissance Technologies LLC acquired a new position in shares of OPENLANE during the second quarter worth approximately $3,243,000. Raymond James & Associates grew its stake in shares of OPENLANE by 293.5% during the second quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer’s stock valued at $4,034,000 after purchasing an additional 181,364 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. increased its holdings in shares of OPENLANE by 14.4% in the second quarter. D. E. Shaw & Co. Inc. now owns 1,441,923 shares of the specialty retailer’s stock valued at $23,922,000 after purchasing an additional 181,130 shares in the last quarter. Institutional investors 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.