OPENLANE (NYSE:KAR) Price Target Raised to $20.00

OPENLANE (NYSE:KAR) had its price objective raised by Robert W. Baird from $18.00 to $20.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have an outperform rating on the specialty retailer’s stock.

Several other research analysts also recently weighed in on KAR. Bank of America upgraded shares of OPENLANE from an underperform rating to a neutral rating and upped their price objective for the stock from $16.00 to $20.00 in a report on Wednesday, April 10th. Barrington Research reissued an outperform rating and set a $25.00 price objective on shares of OPENLANE in a report on Wednesday, February 21st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $19.60.

OPENLANE Price Performance

Shares of KAR stock opened at $17.69 on Thursday. The stock has a 50 day simple moving average of $16.72 and a two-hundred day simple moving average of $15.23. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.15. OPENLANE has a fifty-two week low of $12.86 and a fifty-two week high of $17.85.

OPENLANE (NYSE:KAR) last issued its earnings results on Wednesday, May 1st. The specialty retailer reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.02). The business had revenue of $416.30 million during the quarter, compared to the consensus estimate of $425.19 million. OPENLANE had a positive return on equity of 8.53% and a negative net margin of 9.04%. During the same quarter in the previous year, the firm posted $0.12 earnings per share. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, analysts forecast that OPENLANE will post 0.8 earnings per share for the current fiscal year.

Insider Buying and Selling at OPENLANE

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

Hedge Funds Weigh In On OPENLANE

Several large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC increased its holdings in OPENLANE by 51.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,443 shares of the specialty retailer’s stock worth $51,000 after acquiring an additional 1,171 shares during the period. TFO Wealth Partners LLC boosted its position in OPENLANE by 16,018.2% during the 4th quarter. TFO Wealth Partners LLC now owns 1,773 shares of the specialty retailer’s stock valued at $26,000 after buying an additional 1,762 shares during the period. New York State Teachers Retirement System boosted its position in OPENLANE by 3.0% during the 3rd quarter. New York State Teachers Retirement System now owns 60,532 shares of the specialty retailer’s stock valued at $903,000 after buying an additional 1,765 shares during the period. Illinois Municipal Retirement Fund lifted its position in shares of OPENLANE by 3.0% in the 4th quarter. Illinois Municipal Retirement Fund now owns 65,179 shares of the specialty retailer’s stock worth $965,000 after purchasing an additional 1,891 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of OPENLANE by 11.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,716 shares of the specialty retailer’s stock worth $292,000 after purchasing an additional 2,000 shares during the period. Hedge funds and other 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.