OPENLANE (NYSE:KAR) Upgraded at StockNews.com

OPENLANE (NYSE:KAR) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

Several other equities research analysts have also issued reports on KAR. Barrington Research reissued an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research note on Monday, November 4th. JPMorgan Chase & Co. lifted their price objective on OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, OPENLANE currently has an average rating of “Moderate Buy” and an average price target of $22.00.

OPENLANE Stock Performance

NYSE KAR traded up $0.32 on Monday, hitting $20.52. 786,075 shares of the stock traded hands, compared to its average volume of 699,267. The business’s fifty day moving average is $17.90 and its two-hundred day moving average is $17.32. OPENLANE has a 12 month low of $12.86 and a 12 month high of $20.71. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of 78.93, a PEG ratio of 2.01 and a beta of 1.53.

OPENLANE (NYSE:KAR) last posted its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. The firm had revenue of $448.00 million during 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 business’s revenue for the quarter was up 7.6% on a year-over-year basis. Analysts expect that OPENLANE will post 0.84 EPS for the current fiscal year.

Insider Buying and Selling at OPENLANE

In related news, CFO Brad S. Lakhia purchased 4,985 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were purchased at an average cost of $20.06 per share, with a total value of $99,999.10. Following the transaction, the chief financial officer now directly owns 14,303 shares in the company, valued at $286,918.18. This trade represents a 53.50 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.32% of the company’s stock.

Institutional Trading of OPENLANE

A number of hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp raised its holdings in OPENLANE by 175.5% in the 2nd quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock worth $27,000 after acquiring an additional 1,018 shares during the last quarter. Quarry LP raised its holdings in OPENLANE by 201.4% in the 2nd quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock worth $39,000 after acquiring an additional 1,587 shares during the last quarter. Innealta Capital LLC purchased a new position in OPENLANE in the 2nd quarter worth approximately $81,000. Creative Planning purchased a new position in OPENLANE in the 3rd quarter worth approximately $193,000. Finally, MQS Management LLC purchased a new stake in OPENLANE during the 2nd quarter valued at $204,000. 99.76% of the stock is owned by institutional investors.

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.