OPENLANE (NYSE:KAR) Raised to Buy at StockNews.com

StockNews.com upgraded shares of OPENLANE (NYSE:KARFree Report) from a hold rating to a buy rating in a research report released on Thursday.

A number of other analysts have also recently issued reports on the company. JPMorgan Chase & Co. boosted their target price on OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. Barrington Research reaffirmed an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a research report on Monday, November 4th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.00.

View Our Latest Stock Report on OPENLANE

OPENLANE Stock Performance

KAR opened at $20.12 on Thursday. The business’s fifty day moving average is $19.12 and its two-hundred day moving average is $17.64. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 77.39, a PEG ratio of 2.04 and a beta of 1.53. OPENLANE has a one year low of $12.86 and a one year high of $20.85.

OPENLANE (NYSE:KARGet Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $448.00 million during the quarter, compared to the consensus estimate of $431.68 million. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.18 earnings per share. On average, analysts predict that OPENLANE will post 0.84 EPS for the current fiscal year.

Insider Activity at OPENLANE

In other news, CFO Brad S. Lakhia bought 4,985 shares of the stock in a transaction on Wednesday, November 13th. The shares were purchased at an average price of $20.06 per share, for a total transaction of $99,999.10. Following the completion of the purchase, the chief financial officer now directly owns 14,303 shares of the company’s stock, valued at $286,918.18. This trade represents a 53.50 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.32% of the company’s stock.

Institutional Investors Weigh In On OPENLANE

A number of large investors have recently added to or reduced their stakes in KAR. Raymond James & Associates boosted its position in shares of OPENLANE by 293.5% during the 2nd quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer’s stock valued at $4,034,000 after acquiring an additional 181,364 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of OPENLANE by 1.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 54,500 shares of the specialty retailer’s stock valued at $904,000 after purchasing an additional 1,000 shares during the period. Bank of New York Mellon Corp boosted its position in shares of OPENLANE by 2.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 876,398 shares of the specialty retailer’s stock worth $14,539,000 after purchasing an additional 18,706 shares during the last quarter. Peregrine Capital Management LLC grew its position in shares of OPENLANE by 1.3% during the 2nd quarter. Peregrine Capital Management LLC now owns 350,684 shares of the specialty retailer’s stock worth $5,818,000 after buying an additional 4,558 shares during the period. Finally, Versor Investments LP acquired a new position in OPENLANE during the second quarter valued at approximately $213,000. Institutional investors own 99.76% of the company’s stock.

About OPENLANE

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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.

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