Brokerages Set OPENLANE, Inc. (NYSE:KAR) PT at $19.60

Shares of OPENLANE, Inc. (NYSE:KAR) have been given an average recommendation of “Moderate Buy” by the five ratings firms that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $19.60.

A number of brokerages have commented on KAR. Robert W. Baird raised their price objective on OPENLANE from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. Barrington Research reiterated an “outperform” rating and set a $25.00 target price on shares of OPENLANE in a research report on Thursday, May 2nd. Finally, Bank of America upgraded shares of OPENLANE from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $16.00 to $20.00 in a research note on Wednesday, April 10th.

Insider Buying and Selling at OPENLANE

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

Hedge Funds Weigh In On OPENLANE

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Burgundy Asset Management Ltd. raised its position in shares of OPENLANE by 2.2% in the 3rd quarter. Burgundy Asset Management Ltd. now owns 8,454,728 shares of the specialty retailer’s stock valued at $126,145,000 after acquiring an additional 182,241 shares during the period. Mackenzie Financial Corp acquired a new position in shares of OPENLANE in the 4th quarter valued at $846,000. Illinois Municipal Retirement Fund acquired a new stake in OPENLANE during the 3rd quarter worth $944,000. Charles Schwab Investment Management Inc. raised its stake in OPENLANE by 3.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,727,213 shares of the specialty retailer’s stock worth $25,770,000 after buying an additional 53,654 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in OPENLANE during the third quarter worth about $3,388,000. Institutional investors own 99.76% of the company’s stock.

OPENLANE Stock Performance

NYSE:KAR opened at $17.72 on Friday. The firm has a market capitalization of $1.92 billion, a PE ratio of -9.90, a PEG ratio of 0.99 and a beta of 1.42. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.15. OPENLANE has a 1 year low of $12.86 and a 1 year high of $18.41. The firm’s fifty day simple moving average is $16.95 and its 200 day simple moving average is $15.33.

OPENLANE (NYSE:KAR) last announced its earnings results on Wednesday, May 1st. The specialty retailer reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.02). The business had revenue of $416.30 million for the quarter, compared to the consensus estimate of $425.19 million. OPENLANE had a negative net margin of 9.04% and a positive return on equity of 8.53%. OPENLANE’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.12 EPS. On average, sell-side analysts anticipate that OPENLANE will post 0.8 EPS for the current year.

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.