Brokerages Set OPENLANE, Inc. (NYSE:KAR) Target Price at $19.60

OPENLANE, Inc. (NYSE:KAR) has received an average rating of “Moderate Buy” from the five ratings firms that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $19.60.

A number of analysts have commented on KAR shares. Bank of America raised OPENLANE from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $16.00 to $20.00 in a report on Wednesday, April 10th. Barrington Research restated an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research report on Thursday, May 2nd. Finally, Robert W. Baird lifted their price objective on shares of OPENLANE from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd.

OPENLANE Trading Down 2.6 %

Shares of KAR stock opened at $17.88 on Friday. The stock has a 50-day moving average of $16.84 and a 200-day moving average of $15.30. OPENLANE has a 1-year low of $12.86 and a 1-year high of $18.41. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of -9.99, a PEG ratio of 0.99 and a beta of 1.42. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.15.

OPENLANE (NYSE:KAR) last issued its quarterly earnings results on Wednesday, May 1st. The specialty retailer reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.02). OPENLANE had a positive return on equity of 8.53% and a negative net margin of 9.04%. The business had revenue of $416.30 million for the quarter, compared to analyst estimates of $425.19 million. During the same quarter in the previous year, the business posted $0.12 earnings per share. The business’s revenue was down 1.0% on a year-over-year basis. On average, equities research analysts forecast that OPENLANE will post 0.8 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Peter J. Kelly purchased 10,000 shares of OPENLANE stock in a transaction that occurred on Monday, February 26th. The shares were acquired at an average cost of $14.87 per share, for a total transaction of $148,700.00. Following the transaction, the chief executive officer now directly owns 323,355 shares in the company, valued at $4,808,288.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider James E. Money II sold 14,822 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $15.83, for a total transaction of $234,632.26. Following the transaction, the insider now owns 44,604 shares in the company, valued at approximately $706,081.32. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Peter J. Kelly acquired 10,000 shares of the company’s stock in a transaction on Monday, February 26th. The stock was acquired at an average price of $14.87 per share, with a total value of $148,700.00. Following the acquisition, the chief executive officer now owns 323,355 shares in the company, valued at approximately $4,808,288.85. The disclosure for this purchase can be found here. 2.74% of the stock is currently owned by insiders.

Hedge Funds Weigh In On OPENLANE

Institutional investors have recently added to or reduced their stakes in the company. Sunriver Management LLC grew its stake in shares of OPENLANE by 729.7% in the fourth quarter. Sunriver Management LLC now owns 2,338,093 shares of the specialty retailer’s stock worth $34,627,000 after acquiring an additional 2,056,280 shares during the last quarter. Norges Bank bought a new stake in OPENLANE during the 4th quarter valued at about $10,426,000. Invenomic Capital Management LP purchased a new position in OPENLANE in the fourth quarter worth about $6,009,000. Dimensional Fund Advisors LP lifted its stake in shares of OPENLANE by 6.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,059,333 shares of the specialty retailer’s stock worth $104,550,000 after buying an additional 399,073 shares in the last quarter. Finally, CenterBook Partners LP purchased a new stake in shares of OPENLANE during the fourth quarter valued at approximately $4,069,000. 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.