OPENLANE (NYSE:KAR) Sets New 12-Month High After Strong Earnings

OPENLANE, Inc. (NYSE:KAR)’s share price reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $19.93 and last traded at $19.68, with a volume of 151952 shares traded. The stock had previously closed at $17.48.

The specialty retailer reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.05. OPENLANE had a return on equity of 7.85% and a net margin of 3.39%. The company had revenue of $448.00 million for the quarter, compared to analyst estimates of $431.68 million. During the same period last year, the company earned $0.18 earnings per share. The company’s quarterly revenue was up 7.6% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Separately, Barrington Research reaffirmed an “outperform” rating and issued a $25.00 price objective on shares of OPENLANE in a research note on Monday.

Hedge Funds Weigh In On OPENLANE

A number of hedge funds have recently modified their holdings of the stock. Verdence Capital Advisors LLC lifted its stake in OPENLANE by 5.3% in the third quarter. Verdence Capital Advisors LLC now owns 15,822 shares of the specialty retailer’s stock valued at $267,000 after acquiring an additional 793 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in OPENLANE by 1.9% in the second quarter. Louisiana State Employees Retirement System now owns 54,500 shares of the specialty retailer’s stock worth $904,000 after purchasing an additional 1,000 shares in the last quarter. Fifth Third Bancorp increased its position in OPENLANE by 175.5% during the second quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock worth $27,000 after buying an additional 1,018 shares during the last quarter. State of New Jersey Common Pension Fund D raised its holdings in OPENLANE by 0.9% during the third quarter. State of New Jersey Common Pension Fund D now owns 112,320 shares of the specialty retailer’s stock valued at $1,896,000 after buying an additional 1,018 shares in the last quarter. Finally, Texas Permanent School Fund Corp lifted its position in shares of OPENLANE by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 94,536 shares of the specialty retailer’s stock worth $1,635,000 after buying an additional 1,264 shares during the last quarter. 99.76% of the stock is owned by institutional investors and hedge funds.

OPENLANE Trading Up 12.6 %

The stock has a fifty day moving average price of $16.38 and a 200 day moving average price of $16.93. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of 131.20, a price-to-earnings-growth ratio of 1.70 and a beta of 1.44.

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.