OPENLANE (NYSE:KAR) Announces Earnings Results

OPENLANE (NYSE:KAR) released its quarterly earnings data on Wednesday. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.05, Briefing.com reports. OPENLANE had a return on equity of 7.85% and a net margin of 3.39%. The firm had revenue of $448.00 million during the quarter, compared to analyst estimates of $431.68 million. During the same period in the prior year, the company posted $0.18 earnings per share. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. OPENLANE updated its FY24 guidance to $0.81-$0.87 EPS and its FY 2024 guidance to 0.810-0.870 EPS.

OPENLANE Stock Up 11.1 %

KAR stock traded up $1.94 during trading on Thursday, hitting $19.42. The company had a trading volume of 1,083,424 shares, compared to its average volume of 696,946. The firm has a 50-day moving average price of $16.38 and a 200-day moving average price of $16.93. OPENLANE has a 12 month low of $12.86 and a 12 month high of $19.94. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of 131.20, a PEG ratio of 1.70 and a beta of 1.44.

Wall Street Analyst Weigh In

Separately, Barrington Research restated an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research report on Monday.

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.