OPENLANE (NYSE:KAR) Stock Price Expected to Rise, Bank of America Analyst Says

OPENLANE (NYSE:KAR) had its price objective raised by analysts at Bank of America from $22.00 to $25.00 in a report issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the specialty retailer’s stock. Bank of America‘s price target would indicate a potential upside of 12.16% from the stock’s current price.

KAR has been the subject of a number of other reports. Barrington Research reaffirmed an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a report on Friday, February 21st. Stephens upgraded shares of OPENLANE from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $20.00 to $26.00 in a research note on Friday, February 28th. Wall Street Zen upgraded shares of OPENLANE from a “hold” rating to a “buy” rating in a research note on Friday, May 9th. Finally, JPMorgan Chase & Co. downgraded shares of OPENLANE from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $23.00 to $20.00 in a research note on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

OPENLANE Stock Down 2.5%

OPENLANE stock opened at $22.29 on Monday. OPENLANE has a 52-week low of $15.44 and a 52-week high of $24.42. The firm has a fifty day moving average of $21.06 and a 200-day moving average of $20.62. The firm has a market capitalization of $2.39 billion, a P/E ratio of 33.77, a PEG ratio of 6.86 and a beta of 1.40.

OPENLANE (NYSE:KAR) last released its quarterly earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.07. The business had revenue of $460.10 million during the quarter, compared to analyst estimates of $445.70 million. OPENLANE had a net margin of 7.15% and a return on equity of 10.38%. The business’s revenue was up 7.0% on a year-over-year basis. During the same period last year, the business earned $0.19 EPS. On average, research analysts expect that OPENLANE will post 0.95 EPS for the current fiscal year.

Insider Buying and Selling at OPENLANE

In other news, EVP James P. Coyle sold 7,000 shares of the firm’s stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $21.72, for a total value of $152,040.00. Following the transaction, the executive vice president now directly owns 36,511 shares in the company, valued at approximately $793,018.92. This trade represents a 16.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.32% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Canada Pension Plan Investment Board bought a new position in shares of OPENLANE in the 4th quarter worth about $34,000. Quarry LP lifted its position in OPENLANE by 414.6% in the 4th 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 during the last quarter. Smartleaf Asset Management LLC lifted 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 valued at $51,000 after purchasing an additional 2,062 shares during the last quarter. FSC Wealth Advisors LLC bought a new stake in OPENLANE in the 1st quarter valued at about $51,000. Finally, Johnson Financial Group Inc. bought a new stake in OPENLANE in the 4th quarter valued at about $68,000. 99.76% of the stock is currently owned by institutional investors.

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.