OPENLANE (NYSE:KAR) Stock Rating Upgraded by StockNews.com

OPENLANE (NYSE:KAR) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

A number of other research analysts also recently weighed in on KAR. Barrington Research restated an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research report on Monday, November 4th. JPMorgan Chase & Co. increased their price target on OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, OPENLANE has an average rating of “Moderate Buy” and an average target price of $22.00.

OPENLANE Trading Down 1.6 %

OPENLANE stock opened at $20.12 on Thursday. The firm has a market cap of $2.15 billion, a price-to-earnings ratio of 77.39, a PEG ratio of 2.04 and a beta of 1.53. OPENLANE has a 12 month low of $12.86 and a 12 month high of $20.85. The stock has a fifty day simple moving average of $19.05 and a two-hundred day simple moving average of $17.62.

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

Insider Buying and Selling

In related news, CFO Brad S. Lakhia bought 4,985 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were bought at an average cost of $20.06 per share, with a total value of $99,999.10. Following the acquisition, 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.32% of the stock is currently owned by insiders.

Institutional Trading of OPENLANE

A number of hedge funds and other institutional investors have recently bought and sold shares of KAR. Verdence Capital Advisors LLC grew its stake in shares of OPENLANE by 5.3% during the 3rd quarter. Verdence Capital Advisors LLC now owns 15,822 shares of the specialty retailer’s stock valued at $267,000 after acquiring an additional 793 shares during the period. Louisiana State Employees Retirement System lifted its holdings in OPENLANE by 1.9% during the second quarter. Louisiana State Employees Retirement System now owns 54,500 shares of the specialty retailer’s stock valued at $904,000 after purchasing an additional 1,000 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its position in shares of OPENLANE by 0.9% in the third quarter. State of New Jersey Common Pension Fund D now owns 112,320 shares of the specialty retailer’s stock worth $1,896,000 after purchasing an additional 1,018 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of OPENLANE by 2.7% in the second quarter. The Manufacturers Life Insurance Company now owns 54,254 shares of the specialty retailer’s stock worth $900,000 after purchasing an additional 1,450 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of OPENLANE by 6.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 23,889 shares of the specialty retailer’s stock valued at $403,000 after purchasing an additional 1,472 shares during the period. Hedge funds and other institutional investors own 99.76% of the company’s stock.

About OPENLANE

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.