OPENLANE (NYSE:KAR) Posts Earnings Results, Misses Expectations By $0.02 EPS

OPENLANE (NYSE:KAR) posted its quarterly earnings results on Wednesday. The specialty retailer reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.02), Briefing.com reports. The company had revenue of $416.30 million during the quarter, compared to analyst estimates of $425.19 million. OPENLANE had a negative net margin of 9.04% and a positive return on equity of 8.53%. The company’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.12 earnings per share. OPENLANE updated its FY24 guidance to $0.77-0.87 EPS and its FY 2024 guidance to 0.770-0.870 EPS.

OPENLANE Stock Performance

NYSE:KAR traded up $0.11 during midday trading on Friday, reaching $17.69. 1,010,760 shares of the company traded hands, compared to its average volume of 928,867. OPENLANE has a twelve month low of $12.86 and a twelve month high of $17.85. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.15. The company has a fifty day moving average price of $16.72 and a 200 day moving average price of $15.23.

Analyst Upgrades and Downgrades

KAR has been the topic of a number of recent analyst reports. Bank of America upgraded shares of OPENLANE from an “underperform” rating to a “neutral” rating and upped their target price for the company from $16.00 to $20.00 in a research note on Wednesday, April 10th. Robert W. Baird increased their target price on OPENLANE from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Barrington Research reiterated an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a report on Thursday. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $19.60.

Insider Buying and Selling at OPENLANE

In other news, insider James E. Money II sold 14,822 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $15.83, for a total transaction of $234,632.26. Following the completion of the transaction, the insider now owns 44,604 shares in the company, valued at $706,081.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other OPENLANE news, CEO Peter J. Kelly bought 10,000 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were purchased at an average cost of $14.87 per share, for a total transaction of $148,700.00. Following the transaction, the chief executive officer now directly owns 323,355 shares in the company, valued at $4,808,288.85. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James E. Money II sold 14,822 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $15.83, for a total value of $234,632.26. Following the transaction, the insider now owns 44,604 shares of the company’s stock, valued at approximately $706,081.32. The disclosure for this sale can be found here. 2.74% of the stock is currently owned by company insiders.

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.