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

OPENLANE, Inc. (NYSE:KAR)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $20.96 and last traded at $20.80, with a volume of 34462 shares trading hands. The stock had previously closed at $20.65.

Analyst Ratings Changes

Several brokerages have recently commented on KAR. Barrington Research reaffirmed an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research note on Monday, November 4th. StockNews.com lowered OPENLANE from a “buy” rating to a “hold” rating in a research note on Sunday, January 19th. 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 note on Wednesday, November 20th. Finally, Stephens began coverage on OPENLANE in a research note on Wednesday, January 22nd. They set an “equal weight” rating and a $20.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, OPENLANE presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.60.

OPENLANE Trading Up 0.7 %

The company has a fifty day simple moving average of $20.20 and a two-hundred day simple moving average of $18.18. The company has a market cap of $2.22 billion, a PE ratio of 79.99, a P/E/G ratio of 1.80 and a beta of 1.52.

OPENLANE (NYSE:KAR) last issued its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.04. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. The company had revenue of $448.00 million for the quarter, compared to the consensus estimate of $431.68 million. During the same quarter in the prior year, the business earned $0.18 EPS. OPENLANE’s revenue was up 7.6% on a year-over-year basis. On average, research analysts anticipate that OPENLANE, Inc. will post 0.84 EPS for the current fiscal year.

Insider Activity

In other OPENLANE news, CFO Brad S. Lakhia acquired 4,985 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were acquired at an average price of $20.06 per share, for a total transaction of $99,999.10. Following the acquisition, the chief financial officer now owns 14,303 shares in the company, valued at $286,918.18. The trade was a 53.50 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.32% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Quarry LP grew its stake in OPENLANE by 201.4% during the 2nd quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock worth $39,000 after buying an additional 1,587 shares during the last quarter. KBC Group NV grew its stake in OPENLANE by 51.1% during the 4th quarter. KBC Group NV now owns 5,314 shares of the specialty retailer’s stock worth $105,000 after buying an additional 1,798 shares during the last quarter. Pacer Advisors Inc. purchased a new position in OPENLANE during the 4th quarter worth approximately $187,000. Creative Planning acquired a new stake in OPENLANE during the 3rd quarter worth approximately $193,000. Finally, Deerfield Management Company L.P. Series C acquired a new stake in OPENLANE during the 2nd quarter worth approximately $233,000. 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.