OPENLANE, Inc. (NYSE:KAR) Receives $19.60 Consensus PT from Analysts

OPENLANE, Inc. (NYSE:KAR) has received a consensus recommendation of “Moderate Buy” from the five ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $19.60.

Several research firms have weighed in on KAR. Barrington Research reaffirmed an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a research report on Thursday, May 2nd. Robert W. Baird increased their target price on shares of OPENLANE from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. Finally, Bank of America upgraded OPENLANE from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $16.00 to $20.00 in a research note on Wednesday, April 10th.

Insider Activity

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

Hedge Funds Weigh In On OPENLANE

Institutional investors have recently bought and sold shares of the company. Sunriver Management LLC boosted its holdings in shares of OPENLANE by 729.7% in the fourth quarter. Sunriver Management LLC now owns 2,338,093 shares of the specialty retailer’s stock valued at $34,627,000 after acquiring an additional 2,056,280 shares in the last quarter. Norges Bank acquired a new stake in OPENLANE in the fourth quarter valued at about $10,426,000. Invenomic Capital Management LP acquired a new position in OPENLANE during the 4th quarter worth approximately $6,009,000. Dimensional Fund Advisors LP raised its stake in shares of OPENLANE by 6.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,059,333 shares of the specialty retailer’s stock worth $104,550,000 after buying an additional 399,073 shares in the last quarter. Finally, CenterBook Partners LP purchased a new stake in shares of OPENLANE in the fourth quarter valued at approximately $4,069,000. 99.76% of the stock is owned by institutional investors and hedge funds.

OPENLANE Stock Performance

NYSE KAR opened at $17.88 on Friday. The stock has a fifty day simple moving average of $16.84 and a 200-day simple moving average of $15.30. OPENLANE has a twelve month low of $12.86 and a twelve month high of $18.41. 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 stock has a market cap of $1.94 billion, a PE ratio of -9.99, a P/E/G ratio of 0.99 and a beta of 1.42.

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

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.