OPENLANE (NYSE:KAR) Price Target Raised to $23.00 at JPMorgan Chase & Co.

OPENLANE (NYSE:KAR) had its price objective upped by JPMorgan Chase & Co. from $21.00 to $23.00 in a report released on Wednesday,Benzinga reports. The firm currently has an overweight rating on the specialty retailer’s stock.

Separately, Barrington Research restated an “outperform” rating and set a $25.00 target price on shares of OPENLANE in a research report on Monday, November 4th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.20.

OPENLANE Trading Up 0.5 %

OPENLANE stock opened at $19.95 on Wednesday. OPENLANE has a 12 month low of $12.86 and a 12 month high of $20.45. The business’s 50 day simple moving average is $17.06 and its 200 day simple moving average is $17.12. The company has a market cap of $2.13 billion, a price-to-earnings ratio of 76.77, a PEG ratio of 1.87 and a beta of 1.44.

OPENLANE (NYSE:KAR) last posted its earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. The firm had revenue of $448.00 million for the quarter, compared to the consensus estimate of $431.68 million. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. The business’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.18 earnings per share. As a group, equities research analysts forecast that OPENLANE will post 0.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other OPENLANE news, CFO Brad S. Lakhia acquired 4,985 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 14,303 shares of the company’s stock, valued at approximately $286,918.18. This represents a 53.50 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On OPENLANE

Institutional investors and hedge funds have recently made changes to their positions in the business. Fifth Third Bancorp raised its position in shares of OPENLANE by 175.5% in the second quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock worth $27,000 after buying an additional 1,018 shares in the last quarter. Quarry LP raised its position in shares of OPENLANE by 201.4% in the second quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock worth $39,000 after buying an additional 1,587 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of OPENLANE in the second quarter worth $81,000. Creative Planning purchased a new stake in shares of OPENLANE in the third quarter worth $193,000. Finally, MQS Management LLC purchased a new stake in shares of OPENLANE in the second quarter worth $204,000. Hedge funds and other 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.