OPENLANE (NYSE:KAR) Hits New 52-Week High – Here’s What Happened

OPENLANE, Inc. (NYSE:KAR)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $21.51 and last traded at $21.34, with a volume of 562685 shares. The stock had previously closed at $20.67.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on KAR shares. StockNews.com cut shares of OPENLANE from a “buy” rating to a “hold” rating in a report on Sunday, January 19th. Stephens assumed coverage on shares of OPENLANE in a report on Wednesday, January 22nd. They set an “equal weight” rating and a $20.00 price target on the stock. JPMorgan Chase & Co. increased their target price on OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Finally, Barrington Research reiterated an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research note on Monday, November 4th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, OPENLANE currently has a consensus rating of “Moderate Buy” and an average price target of $21.60.

OPENLANE Price Performance

The company has a market capitalization of $2.18 billion, a PE ratio of 78.66, a price-to-earnings-growth ratio of 1.84 and a beta of 1.52. The firm’s fifty day simple moving average is $20.38 and its 200 day simple moving average is $18.41.

Institutional Trading of OPENLANE

Large investors have recently added to or reduced their stakes in the stock. Clifford Capital Partners LLC acquired a new position in shares of OPENLANE during the 3rd quarter worth about $10,309,000. Geode Capital Management LLC boosted its holdings in shares of OPENLANE by 1.4% in the third quarter. Geode Capital Management LLC now owns 2,475,741 shares of the specialty retailer’s stock valued at $41,799,000 after acquiring an additional 35,214 shares in the last quarter. Barclays PLC increased its position in OPENLANE by 344.7% during the 3rd quarter. Barclays PLC now owns 178,964 shares of the specialty retailer’s stock worth $3,022,000 after purchasing an additional 138,720 shares during the period. River Road Asset Management LLC lifted its holdings in OPENLANE by 15.3% in the third quarter. River Road Asset Management LLC now owns 5,045,087 shares of the specialty retailer’s stock valued at $85,161,000 after acquiring an additional 671,104 shares during the period. Finally, Raymond James & Associates boosted its holdings in OPENLANE by 20.1% during the third quarter. Raymond James & Associates now owns 292,094 shares of the specialty retailer’s stock worth $4,931,000 after buying an additional 48,930 shares in the last quarter. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

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.