Openlane (NYSE:OPLN) Cut to Hold at Zacks Research

Openlane (NYSE:OPLN) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Several other equities analysts also recently issued reports on OPLN. Barclays upped their price objective on shares of Openlane from $32.00 to $34.00 and gave the company an “overweight” rating in a research note on Wednesday. Weiss Ratings started coverage on Openlane in a report on Thursday, January 15th. They issued a “buy (b-)” rating for the company. Finally, JPMorgan Chase & Co. decreased their target price on shares of Openlane from $29.00 to $28.00 and set a “neutral” rating on the stock in a research report on Friday, January 16th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Openlane currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

Openlane Trading Up 3.0%

OPLN opened at $30.81 on Tuesday. The firm has a market cap of $3.27 billion, a P/E ratio of 24.93, a P/E/G ratio of 1.34 and a beta of 1.24. Openlane has a 52 week low of $17.08 and a 52 week high of $31.78.

Hedge Funds Weigh In On Openlane

A hedge fund recently bought a new stake in Openlane stock. Yousif Capital Management LLC acquired a new position in Openlane (NYSE:OPLN) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 28,637 shares of the company’s stock, valued at approximately $857,000. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

Openlane Company Profile

Openlane, Inc operates a digital wholesale vehicle marketplace that facilitates the remarketing of used vehicles for commercial consignors and retail dealers. The company provides an online auction platform that enables buyers and sellers to transact in real time, connecting franchised and independent dealers, fleet operators, rental companies, manufacturers and financial institutions. Its marketplace focuses on vehicles from lease returns, fleet and commercial fleets, repossessions and dealer trade-ins.

In addition to the core auction and listing services, Openlane offers a suite of remarketing support services designed to simplify the end-to-end sale process.