OPENLANE (NYSE:KAR) Lowered to “Hold” Rating by StockNews.com

StockNews.com cut shares of OPENLANE (NYSE:KAR) from a buy rating to a hold rating in a report published on Friday morning.

A number of other equities analysts have also commented on KAR. Barrington Research reissued an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a report on Monday, November 4th. JPMorgan Chase & Co. increased their target price on OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.00.

OPENLANE Trading Down 0.7 %

OPENLANE stock opened at $20.03 on Friday. The firm has a 50 day simple moving average of $19.52 and a 200 day simple moving average of $17.77. OPENLANE has a 1-year low of $12.86 and a 1-year high of $20.85. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of 77.04, a P/E/G ratio of 2.04 and a beta of 1.53.

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

Insider Buying and Selling at OPENLANE

In other news, CFO Brad S. Lakhia acquired 4,985 shares of OPENLANE stock in a transaction on Wednesday, November 13th. The stock was acquired at an average cost of $20.06 per share, for a total transaction of $99,999.10. Following the purchase, the chief financial officer now owns 14,303 shares in the company, valued at $286,918.18. This trade represents a 53.50 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.32% of the company’s stock.

Hedge Funds Weigh In On OPENLANE

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Burgundy Asset Management Ltd. grew its position in OPENLANE by 1.7% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 8,921,967 shares of the specialty retailer’s stock worth $148,015,000 after purchasing an additional 146,266 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of OPENLANE by 0.7% in the second quarter. Dimensional Fund Advisors LP now owns 7,143,903 shares of the specialty retailer’s stock worth $118,517,000 after acquiring an additional 50,773 shares during the period. River Road Asset Management LLC increased its position in OPENLANE by 15.3% during 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 last quarter. Geode Capital Management LLC lifted its holdings in 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 during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in OPENLANE by 0.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,759,952 shares of the specialty retailer’s stock worth $29,708,000 after purchasing an additional 6,469 shares during the last quarter. 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.