StockNews.com Upgrades OPENLANE (NYSE:KAR) to “Buy”

OPENLANE (NYSE:KAR) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Friday.

Other equities analysts have also recently issued reports about the company. Stephens assumed coverage on OPENLANE in a report on Wednesday, January 22nd. They issued an “equal weight” rating and a $20.00 target price for the company. JPMorgan Chase & Co. lifted their price objective on OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a report on Friday. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.60.

OPENLANE Stock Performance

Shares of OPENLANE stock opened at $20.61 on Friday. The firm has a market cap of $2.20 billion, a P/E ratio of 79.25, a price-to-earnings-growth ratio of 1.84 and a beta of 1.52. The firm’s 50-day simple moving average is $20.40 and its 200-day simple moving average is $18.46. OPENLANE has a twelve month low of $12.86 and a twelve month high of $21.51.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board bought a new position in shares of OPENLANE in the fourth quarter worth about $34,000. Quarry LP increased its holdings in shares of OPENLANE by 414.6% in the fourth quarter. Quarry LP now owns 2,182 shares of the specialty retailer’s stock valued at $43,000 after purchasing an additional 1,758 shares in the last quarter. Smartleaf Asset Management LLC raised its position in OPENLANE by 435.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer’s stock worth $51,000 after purchasing an additional 2,062 shares during the last quarter. Johnson Financial Group Inc. acquired a new position in OPENLANE during the 4th quarter worth $68,000. Finally, KBC Group NV boosted its position in OPENLANE by 51.1% in the 4th quarter. KBC Group NV now owns 5,314 shares of the specialty retailer’s stock valued at $105,000 after buying an additional 1,798 shares during the last quarter. Institutional investors and hedge funds 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.