OPENLANE (NYSE:KAR) Upgraded at StockNews.com

StockNews.com upgraded shares of OPENLANE (NYSE:KAR) from a hold rating to a buy rating in a research note released on Saturday.

KAR has been the topic of several other reports. Barrington Research restated an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research note on Monday, November 4th. JPMorgan Chase & Co. raised their price target 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. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.00.

OPENLANE Stock Up 0.4 %

Shares of NYSE KAR opened at $19.83 on Friday. OPENLANE has a fifty-two week low of $12.86 and a fifty-two week high of $20.85. The firm has a market cap of $2.12 billion, a PE ratio of 76.27, a price-to-earnings-growth ratio of 2.04 and a beta of 1.52. The business has a 50 day moving average price of $19.92 and a two-hundred day moving average price of $17.92.

OPENLANE (NYSE:KAR) last announced its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, beating 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 firm had revenue of $448.00 million during the quarter, compared to analyst estimates of $431.68 million. During the same period in the previous year, the company earned $0.18 earnings per share. OPENLANE’s quarterly revenue was up 7.6% on a year-over-year basis. On average, analysts anticipate that OPENLANE will post 0.84 earnings per share for the current year.

Insiders Place Their Bets

In other OPENLANE news, CFO Brad S. Lakhia acquired 4,985 shares of OPENLANE 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 owns 14,303 shares in the company, valued at approximately $286,918.18. This represents a 53.50 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.32% of the stock is owned by corporate insiders.

Institutional Trading of OPENLANE

Several large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its stake in shares of OPENLANE by 0.7% in the second quarter. Dimensional Fund Advisors LP now owns 7,143,903 shares of the specialty retailer’s stock worth $118,517,000 after purchasing an additional 50,773 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in OPENLANE in the second quarter worth about $3,243,000. Edgestream Partners L.P. bought a new position in OPENLANE in the 2nd quarter valued at about $583,000. MQS Management LLC acquired a new position in OPENLANE during the 2nd quarter valued at about $204,000. Finally, Burgundy Asset Management Ltd. raised its position in shares of OPENLANE by 1.7% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 8,921,967 shares of the specialty retailer’s stock worth $148,015,000 after buying an additional 146,266 shares in the last quarter. 99.76% of the stock is currently owned by institutional investors and hedge funds.

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.