OPENLANE (NYSE:KAR) Stock Rating Lowered by StockNews.com

StockNews.com downgraded shares of OPENLANE (NYSE:KAR) from a buy rating to a hold rating in a research note published on Sunday morning.

Several other brokerages also recently commented on KAR. Barrington Research reaffirmed 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. boosted their price objective on OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $22.00.

OPENLANE Price Performance

KAR opened at $20.57 on Friday. The firm has a 50 day simple moving average of $20.16 and a 200 day simple moving average of $18.10. The company has a market cap of $2.20 billion, a price-to-earnings ratio of 79.12, a price-to-earnings-growth ratio of 1.78 and a beta of 1.52. OPENLANE has a fifty-two week low of $12.86 and a fifty-two week high of $20.85.

OPENLANE (NYSE:KAR) last announced its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 EPS 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 company had revenue of $448.00 million during the quarter, compared to analysts’ expectations of $431.68 million. During the same period in the prior year, the business posted $0.18 EPS. OPENLANE’s revenue was up 7.6% on a year-over-year basis. As a group, analysts expect that OPENLANE will post 0.84 EPS for the current year.

Insider Transactions at OPENLANE

In related news, CFO Brad S. Lakhia bought 4,985 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were acquired at an average price of $20.06 per share, with a total value of $99,999.10. Following the completion of the transaction, the chief financial officer now owns 14,303 shares in the company, valued at $286,918.18. The trade was a 53.50 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.32% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of KAR. Carolina Wealth Advisors LLC boosted its stake in shares of OPENLANE by 3.7% during the 4th quarter. Carolina Wealth Advisors LLC now owns 41,912 shares of the specialty retailer’s stock worth $832,000 after acquiring an additional 1,477 shares during the period. JPMorgan Chase & Co. raised its holdings in OPENLANE by 8.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 139,502 shares of the specialty retailer’s stock valued at $2,355,000 after acquiring an additional 10,962 shares during the period. Geode Capital Management LLC lifted its position in OPENLANE by 1.4% during the third quarter. Geode Capital Management LLC now owns 2,475,741 shares of the specialty retailer’s stock worth $41,799,000 after acquiring an additional 35,214 shares during the last quarter. Barclays PLC grew its position in shares of OPENLANE by 344.7% in the third quarter. Barclays PLC now owns 178,964 shares of the specialty retailer’s stock valued at $3,022,000 after purchasing an additional 138,720 shares during the last quarter. Finally, Paloma Partners Management Co acquired a new stake in OPENLANE during the 3rd quarter worth approximately $333,000. 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.