OPENLANE (NYSE:KAR) Downgraded to “Hold” Rating by StockNews.com

StockNews.com downgraded shares of OPENLANE (NYSE:KAR) from a buy rating to a hold rating in a report issued on Saturday.

KAR has been the subject of a number of other reports. Stephens initiated coverage on OPENLANE in a research note on Wednesday, January 22nd. They set an “equal weight” rating and a $20.00 price target for the company. JPMorgan Chase & Co. upped 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. Finally, Barrington Research restated an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.60.

OPENLANE Trading Up 0.2 %

Shares of OPENLANE stock opened at $20.96 on Friday. The stock has a 50 day moving average of $20.39 and a 200 day moving average of $18.57. OPENLANE has a 12 month low of $14.45 and a 12 month high of $21.93. The firm has a market cap of $2.24 billion, a PE ratio of 39.54, a PEG ratio of 1.85 and a beta of 1.52.

OPENLANE (NYSE:KAR) last announced its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The company had revenue of $455.00 million during the quarter, compared to analyst estimates of $416.64 million. As a group, equities research analysts forecast that OPENLANE will post 0.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On OPENLANE

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Verdence Capital Advisors LLC raised its holdings in shares of OPENLANE by 5.3% in the third quarter. Verdence Capital Advisors LLC now owns 15,822 shares of the specialty retailer’s stock worth $267,000 after buying an additional 793 shares during the period. State of New Jersey Common Pension Fund D raised its holdings in shares of OPENLANE by 0.9% in the third quarter. State of New Jersey Common Pension Fund D now owns 112,320 shares of the specialty retailer’s stock worth $1,896,000 after buying an additional 1,018 shares during the period. Bank of Montreal Can raised its holdings in shares of OPENLANE by 9.6% in the fourth quarter. Bank of Montreal Can now owns 13,268 shares of the specialty retailer’s stock worth $263,000 after buying an additional 1,161 shares during the period. Two Sigma Investments LP raised its holdings in shares of OPENLANE by 1.1% in the fourth quarter. Two Sigma Investments LP now owns 126,451 shares of the specialty retailer’s stock worth $2,509,000 after buying an additional 1,339 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in shares of OPENLANE by 6.6% in the third quarter. BNP Paribas Financial Markets now owns 23,889 shares of the specialty retailer’s stock worth $403,000 after buying an additional 1,472 shares during the period. 99.76% of the stock is currently owned by hedge funds and other 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.