OPENLANE (NYSE:KAR) Price Target Raised to $23.00

OPENLANE (NYSE:KAR) had its target price upped by JPMorgan Chase & Co. from $21.00 to $23.00 in a research note released on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the specialty retailer’s stock.

Separately, Barrington Research restated an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research note on Monday, November 4th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.20.

OPENLANE Stock Up 0.5 %

KAR opened at $19.95 on Wednesday. OPENLANE has a 12-month low of $12.86 and a 12-month high of $20.45. The stock has a market cap of $2.13 billion, a price-to-earnings ratio of 76.77, a PEG ratio of 1.87 and a beta of 1.44. The business has a 50 day moving average of $17.06 and a 200-day moving average of $17.12.

OPENLANE (NYSE:KAR) last released its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. The company had revenue of $448.00 million during the quarter, compared to analysts’ expectations of $431.68 million. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. The business’s revenue was up 7.6% on a year-over-year basis. During the same period last year, the firm posted $0.18 earnings per share. As a group, analysts expect that OPENLANE will post 0.85 earnings per share for the current year.

Insider Activity

In other OPENLANE news, CFO Brad S. Lakhia acquired 4,985 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were bought at an average cost of $20.06 per share, with a total value of $99,999.10. Following the purchase, the chief financial officer now directly owns 14,303 shares of the company’s stock, valued at $286,918.18. This trade represents a 53.50 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.32% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in KAR. Fifth Third Bancorp lifted its stake in shares of OPENLANE by 175.5% in the 2nd quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 1,018 shares during the period. Quarry LP raised its stake in OPENLANE by 201.4% during the 2nd quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock worth $39,000 after buying an additional 1,587 shares during the period. Innealta Capital LLC acquired a new position in OPENLANE during the 2nd quarter worth approximately $81,000. Creative Planning acquired a new position in OPENLANE during the 3rd quarter worth approximately $193,000. Finally, MQS Management LLC acquired a new position in OPENLANE during the 2nd quarter worth approximately $204,000. 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.