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

StockNews.com cut shares of OPENLANE (NYSE:KAR) from a buy rating to a hold rating in a report published on Friday morning.

Several other research firms have also recently weighed in on KAR. Barrington Research reissued an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a report on Monday, November 4th. JPMorgan Chase & Co. increased their target price on OPENLANE from $21.00 to $23.00 and gave the stock 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.00.

OPENLANE Stock Down 0.7 %

Shares of KAR stock opened at $20.03 on Friday. The firm has a market cap of $2.14 billion, a PE ratio of 77.04, a P/E/G ratio of 2.04 and a beta of 1.53. OPENLANE has a 12 month low of $12.86 and a 12 month high of $20.85. The company’s fifty day simple moving average is $19.52 and its 200-day simple moving average is $17.77.

OPENLANE (NYSE:KAR) last posted its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $431.68 million. During the same period last year, the company earned $0.18 earnings per share. The business’s revenue was up 7.6% compared to the same quarter last year. On average, equities analysts predict that OPENLANE will post 0.84 earnings per share for the current fiscal year.

Insider Buying and Selling at OPENLANE

In other news, CFO Brad S. Lakhia purchased 4,985 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were acquired at an average cost of $20.06 per share, with a total value of $99,999.10. Following the purchase, the chief financial officer now owns 14,303 shares in the company, valued at $286,918.18. This represents a 53.50 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.32% of the company’s stock.

Hedge Funds Weigh In On OPENLANE

Several large investors have recently added to or reduced their stakes in the business. Quarry LP grew its position in OPENLANE by 201.4% in the 2nd quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock worth $39,000 after purchasing an additional 1,587 shares in the last quarter. Creative Planning bought a new position in shares of OPENLANE in the third quarter valued at approximately $193,000. MQS Management LLC purchased a new stake in shares of OPENLANE during the second quarter valued at approximately $204,000. Versor Investments LP bought a new stake in OPENLANE during the second quarter worth $213,000. Finally, Deerfield Management Company L.P. Series C bought a new stake in OPENLANE during the second quarter worth $233,000. 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.