OPENLANE (NYSE:KAR) Shares Gap Down – Here’s What Happened

OPENLANE, Inc. (NYSE:KAR) shares gapped down prior to trading on Thursday . The stock had previously closed at $20.99, but opened at $19.61. OPENLANE shares last traded at $19.93, with a volume of 261,125 shares trading hands.

Analysts Set New Price Targets

Several research analysts recently issued reports on KAR shares. StockNews.com lowered shares of OPENLANE from a “buy” rating to a “hold” rating in a research report on Friday. JPMorgan Chase & Co. downgraded OPENLANE from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $23.00 to $20.00 in a report on Thursday. Barrington Research reissued an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a report on Friday, February 21st. Finally, Stephens raised OPENLANE from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $20.00 to $26.00 in a research note on Friday, February 28th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.20.

OPENLANE Price Performance

The company has a market capitalization of $2.06 billion, a P/E ratio of 36.35, a price-to-earnings-growth ratio of 1.85 and a beta of 1.53. The firm’s 50-day moving average is $20.78 and its 200-day moving average is $19.23.

OPENLANE (NYSE:KAR) last posted its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $0.21 EPS for the quarter, topping the consensus estimate of $0.20 by $0.01. The firm had revenue of $455.00 million during the quarter, compared to analyst estimates of $416.64 million. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. As a group, analysts forecast that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Hedge Funds Weigh In On OPENLANE

Several large investors have recently added to or reduced their stakes in the company. Burgundy Asset Management Ltd. increased its stake in OPENLANE by 1.7% in the 4th quarter. Burgundy Asset Management Ltd. now owns 9,278,497 shares of the specialty retailer’s stock worth $184,085,000 after buying an additional 153,975 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of OPENLANE by 1.4% in the third quarter. Geode Capital Management LLC now owns 2,475,741 shares of the specialty retailer’s stock worth $41,799,000 after purchasing an additional 35,214 shares during the last quarter. Brown Advisory Inc. bought a new position in OPENLANE during the fourth quarter valued at approximately $43,941,000. Charles Schwab Investment Management Inc. boosted its stake in OPENLANE by 0.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,759,952 shares of the specialty retailer’s stock valued at $29,708,000 after buying an additional 6,469 shares during the last quarter. Finally, William Blair Investment Management LLC grew its holdings in OPENLANE by 2.4% during the 4th quarter. William Blair Investment Management LLC now owns 1,493,988 shares of the specialty retailer’s stock valued at $29,641,000 after buying an additional 35,164 shares in the last quarter. 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.