OPENLANE (NYSE:KAR) Rating Lowered to “Hold” at StockNews.com

OPENLANE (NYSE:KAR) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Sunday.

KAR has been the topic of a number of other research reports. Barrington Research reissued an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a research report on Monday, November 4th. JPMorgan Chase & Co. raised their price target on shares of OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $22.00.

OPENLANE Stock Performance

Shares of KAR opened at $20.09 on Friday. The firm has a market cap of $2.15 billion, a P/E ratio of 77.26, a PEG ratio of 1.75 and a beta of 1.52. OPENLANE has a twelve month low of $12.86 and a twelve month high of $20.85. The firm’s 50 day moving average price is $20.15 and its two-hundred day moving average price is $18.07.

OPENLANE (NYSE:KAR) last posted its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.26 EPS for the quarter, beating the consensus estimate of $0.22 by $0.04. The business had revenue of $448.00 million for the quarter, compared to analysts’ expectations of $431.68 million. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. The firm’s revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.18 EPS. On average, sell-side analysts anticipate that OPENLANE will post 0.84 earnings per share for the current fiscal year.

Insider Activity at OPENLANE

In other news, CFO Brad S. Lakhia purchased 4,985 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief financial officer now owns 14,303 shares of the company’s stock, valued at $286,918.18. The trade was a 53.50 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.32% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of KAR. Dimensional Fund Advisors LP lifted its stake in OPENLANE by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,143,903 shares of the specialty retailer’s stock valued at $118,517,000 after purchasing an additional 50,773 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of OPENLANE in the second quarter valued at approximately $3,243,000. Edgestream Partners L.P. bought a new position in shares of OPENLANE during the 2nd quarter worth approximately $583,000. MQS Management LLC acquired a new position in shares of OPENLANE during the 2nd quarter worth approximately $204,000. Finally, Public Sector Pension Investment Board raised its stake in OPENLANE by 7.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 238,336 shares of the specialty retailer’s stock valued at $3,954,000 after acquiring an additional 16,929 shares during the period. Institutional investors own 99.76% of the company’s stock.

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.