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

OPENLANE (NYSE:KAR) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Sunday.

Several other equities analysts also recently commented on the stock. Barrington Research restated an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research note on Monday, November 4th. 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 report on Wednesday, November 20th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, OPENLANE presently has a consensus rating of “Moderate Buy” and an average price target of $22.00.

OPENLANE Stock Down 0.5 %

Shares of KAR stock opened at $20.09 on Friday. OPENLANE has a 12-month low of $12.86 and a 12-month high of $20.85. The company has a market capitalization of $2.15 billion, a PE ratio of 77.26, a price-to-earnings-growth ratio of 1.75 and a beta of 1.52. The firm has a 50 day moving average price of $20.15 and a two-hundred day moving average price of $18.07.

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

Insider Buying and Selling

In other news, CFO Brad S. Lakhia purchased 4,985 shares of OPENLANE stock in a transaction that occurred on Wednesday, November 13th. The shares were acquired 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. The trade was a 53.50 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On OPENLANE

Several institutional investors and hedge funds have recently added to or reduced their stakes in KAR. Dimensional Fund Advisors LP increased its stake in shares of OPENLANE by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,143,903 shares of the specialty retailer’s stock valued at $118,517,000 after purchasing an additional 50,773 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of OPENLANE during the 2nd quarter worth $3,243,000. Edgestream Partners L.P. acquired a new stake in OPENLANE in the second quarter valued at about $583,000. MQS Management LLC bought a new position in OPENLANE in the second quarter valued at about $204,000. Finally, Public Sector Pension Investment Board raised its stake in OPENLANE by 7.6% during the second quarter. Public Sector Pension Investment Board now owns 238,336 shares of the specialty retailer’s stock worth $3,954,000 after acquiring an additional 16,929 shares in the last quarter. 99.76% of the stock is currently owned by 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.