OPENLANE (NYSE:KAR) Sets New 1-Year High on Earnings Beat

OPENLANE, Inc. (NYSE:KAR)’s share price reached a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $21.93 and last traded at $20.68, with a volume of 148496 shares changing hands. The stock had previously closed at $20.07.

The specialty retailer reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.01. The firm had revenue of $455.00 million during the quarter, compared to the consensus estimate of $416.64 million. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%.

Analyst Ratings Changes

A number of research firms have recently commented on KAR. Stephens initiated coverage on OPENLANE in a report on Wednesday, January 22nd. They issued an “equal weight” rating and a $20.00 price target for the company. Barrington Research restated an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a research note on Friday, February 14th. JPMorgan Chase & Co. lifted their target price on OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Finally, StockNews.com raised shares of OPENLANE from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.60.

Institutional Trading of OPENLANE

A number of large investors have recently modified their holdings of KAR. Canada Pension Plan Investment Board bought a new position in shares of OPENLANE in the fourth quarter worth approximately $34,000. Quarry LP increased its holdings in shares of OPENLANE by 414.6% in the 4th quarter. Quarry LP now owns 2,182 shares of the specialty retailer’s stock worth $43,000 after buying an additional 1,758 shares during the last quarter. Smartleaf Asset Management LLC raised its position in shares of OPENLANE by 435.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer’s stock valued at $51,000 after buying an additional 2,062 shares in the last quarter. Johnson Financial Group Inc. purchased a new stake in shares of OPENLANE during the 4th quarter valued at $68,000. Finally, KBC Group NV lifted its holdings in shares of OPENLANE by 51.1% during the 4th quarter. KBC Group NV now owns 5,314 shares of the specialty retailer’s stock worth $105,000 after acquiring an additional 1,798 shares during the last quarter. Institutional investors own 99.76% of the company’s stock.

OPENLANE Stock Up 1.5 %

The company has a market capitalization of $2.18 billion, a PE ratio of 78.30, a price-to-earnings-growth ratio of 1.78 and a beta of 1.52. The firm’s 50-day moving average is $20.38 and its 200-day moving average is $18.51.

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.