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

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

Several other equities research analysts have also recently issued reports on KAR. Stephens raised shares of OPENLANE from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $20.00 to $26.00 in a research report on Friday, February 28th. Barrington Research restated an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research note on Friday, February 21st. Finally, JPMorgan Chase & Co. cut OPENLANE from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $23.00 to $20.00 in a research report on Thursday. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, OPENLANE currently has an average rating of “Moderate Buy” and a consensus target price of $22.20.

OPENLANE Price Performance

KAR opened at $19.27 on Friday. The business has a fifty day moving average price of $20.78 and a 200 day moving average price of $19.28. OPENLANE has a 12 month low of $15.44 and a 12 month high of $22.47. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of 36.35, a PEG ratio of 1.85 and a beta of 1.53.

OPENLANE (NYSE:KAR) last announced its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The business had revenue of $455.00 million during the quarter, compared to the consensus estimate of $416.64 million. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. On average, research analysts anticipate that OPENLANE will post 0.95 earnings per share for the current year.

Institutional Trading of OPENLANE

A number of large investors have recently made changes to their positions in the company. Victory Capital Management Inc. raised its position in OPENLANE by 50.8% in the 3rd quarter. Victory Capital Management Inc. now owns 32,759 shares of the specialty retailer’s stock valued at $553,000 after purchasing an additional 11,039 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of OPENLANE by 0.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,759,952 shares of the specialty retailer’s stock worth $29,708,000 after buying an additional 6,469 shares during the period. Quantbot Technologies LP grew its holdings in shares of OPENLANE by 33.3% during the third quarter. Quantbot Technologies LP now owns 33,734 shares of the specialty retailer’s stock worth $569,000 after buying an additional 8,419 shares during the last quarter. BNP Paribas Financial Markets raised its stake in OPENLANE by 6.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 23,889 shares of the specialty retailer’s stock valued at $403,000 after acquiring an additional 1,472 shares during the last quarter. Finally, PDT Partners LLC raised its stake in OPENLANE by 128.7% during the 3rd quarter. PDT Partners LLC now owns 38,852 shares of the specialty retailer’s stock valued at $656,000 after acquiring an additional 21,866 shares during the last quarter. 99.76% of the stock is owned by institutional investors and hedge funds.

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.