OPENLANE (NYSE:KAR) Sets New 1-Year High After Earnings Beat

Shares of OPENLANE, Inc. (NYSE:KAR) reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $19.93 and last traded at $19.68, with a volume of 151952 shares trading hands. The stock had previously closed at $17.48.

The specialty retailer reported $0.26 EPS for the quarter, topping the consensus estimate of $0.21 by $0.05. OPENLANE had a return on equity of 7.85% and a net margin of 3.39%. The company had revenue of $448.00 million for the quarter, compared to the consensus estimate of $431.68 million. During the same period in the previous year, the business posted $0.18 EPS. The company’s revenue for the quarter was up 7.6% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Separately, Barrington Research reiterated an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research note on Monday.

Institutional Trading of OPENLANE

Several large investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp lifted its stake in shares of OPENLANE by 175.5% during the second quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock valued at $27,000 after acquiring an additional 1,018 shares during the period. Quarry LP lifted its position in OPENLANE by 201.4% during the 2nd quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock valued at $39,000 after purchasing an additional 1,587 shares during the period. Innealta Capital LLC bought a new position in shares of OPENLANE in the 2nd quarter valued at about $81,000. Creative Planning acquired a new stake in shares of OPENLANE during the 3rd quarter worth approximately $193,000. Finally, MQS Management LLC acquired a new stake in shares of OPENLANE during the 2nd quarter worth approximately $204,000. 99.76% of the stock is owned by institutional investors.

OPENLANE Price Performance

The stock’s 50 day moving average is $16.38 and its two-hundred day moving average is $16.93. The firm has a market capitalization of $2.14 billion, a P/E ratio of 131.20, a P/E/G ratio of 1.70 and a beta of 1.44.

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.