Openlane (NYSE:OPLN) Lowered to Hold Rating by Zacks Research

Zacks Research lowered shares of Openlane (NYSE:OPLN) from a strong-buy rating to a hold rating in a report published on Tuesday,Zacks.com reports.

Several other analysts have also recently issued reports on the company. Weiss Ratings initiated coverage on Openlane in a research report on Thursday, January 15th. They set a “buy (b-)” rating for the company. JPMorgan Chase & Co. dropped their price target on Openlane from $29.00 to $28.00 and set a “neutral” rating for the company in a research note on Friday, January 16th. Finally, Barclays lifted their price objective on shares of Openlane from $32.00 to $34.00 and gave the company an “overweight” rating in a research report on Wednesday. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $31.00.

Openlane Trading Up 0.2%

Openlane stock traded up $0.06 during midday trading on Tuesday, hitting $30.85. The stock had a trading volume of 84,427 shares, compared to its average volume of 742,567. The firm has a market capitalization of $3.28 billion, a price-to-earnings ratio of 35.46, a P/E/G ratio of 1.34 and a beta of 1.24. Openlane has a 52-week low of $17.08 and a 52-week high of $31.78.

Institutional Trading of Openlane

An institutional investor recently bought a new position in Openlane stock. Yousif Capital Management LLC acquired a new stake in shares of Openlane (NYSE:OPLN) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 28,637 shares of the company’s stock, valued at approximately $857,000. Institutional investors own 99.76% of the company’s stock.

About Openlane

Openlane, Inc operates a digital wholesale vehicle marketplace that facilitates the remarketing of used vehicles for commercial consignors and retail dealers. The company provides an online auction platform that enables buyers and sellers to transact in real time, connecting franchised and independent dealers, fleet operators, rental companies, manufacturers and financial institutions. Its marketplace focuses on vehicles from lease returns, fleet and commercial fleets, repossessions and dealer trade-ins.

In addition to the core auction and listing services, Openlane offers a suite of remarketing support services designed to simplify the end-to-end sale process.