JPMorgan Chase & Co. Downgrades OPENLANE (NYSE:KAR) to Neutral

JPMorgan Chase & Co. lowered shares of OPENLANE (NYSE:KAR) from an overweight rating to a neutral rating in a report published on Thursday morning, Marketbeat Ratings reports. They currently have $20.00 target price on the specialty retailer’s stock, down from their prior target price of $23.00.

Other equities research analysts have also issued research reports about the stock. StockNews.com raised shares of OPENLANE from a “hold” rating to a “buy” rating in a report on Thursday, March 20th. Barrington Research reissued an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research note on Friday, February 21st. Finally, Stephens upgraded shares of OPENLANE from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $20.00 to $26.00 in a research report on Friday, February 28th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.20.

OPENLANE Trading Down 0.4 %

NYSE:KAR opened at $19.27 on Thursday. The stock has a market capitalization of $2.06 billion, a P/E ratio of 36.35, a price-to-earnings-growth ratio of 1.85 and a beta of 1.53. OPENLANE has a 1 year low of $15.44 and a 1 year high of $22.47. The firm has a 50 day moving average of $20.78 and a 200-day moving average of $19.25.

OPENLANE (NYSE:KAR) last issued its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.01. The firm had revenue of $455.00 million during the quarter, compared to the consensus estimate of $416.64 million. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. As a group, analysts forecast that OPENLANE will post 0.95 EPS for the current fiscal year.

Institutional Investors Weigh In On OPENLANE

Several institutional investors have recently modified their holdings of the business. Bank of Montreal Can grew its holdings in shares of OPENLANE by 9.6% in the 4th quarter. Bank of Montreal Can now owns 13,268 shares of the specialty retailer’s stock valued at $263,000 after buying an additional 1,161 shares during the period. Two Sigma Investments LP lifted its holdings in OPENLANE by 1.1% during the fourth quarter. Two Sigma Investments LP now owns 126,451 shares of the specialty retailer’s stock worth $2,509,000 after acquiring an additional 1,339 shares in the last quarter. BNP Paribas Financial Markets grew its stake in OPENLANE by 6.6% in the third quarter. BNP Paribas Financial Markets now owns 23,889 shares of the specialty retailer’s stock valued at $403,000 after acquiring an additional 1,472 shares during the period. Carolina Wealth Advisors LLC increased its holdings in shares of OPENLANE by 3.7% in the fourth quarter. Carolina Wealth Advisors LLC now owns 41,912 shares of the specialty retailer’s stock worth $832,000 after acquiring an additional 1,477 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in shares of OPENLANE in the fourth quarter worth about $34,000. Institutional investors and hedge funds own 99.76% of the company’s stock.

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.