OPENLANE, Inc. (NYSE:KAR) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

OPENLANE, Inc. (NYSE:KAR) has received an average recommendation of “Moderate Buy” from the five brokerages that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $22.20.

KAR has been the subject of several recent analyst reports. Stephens upgraded shares of 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 report on Friday, February 28th. StockNews.com cut shares of OPENLANE from a “buy” rating to a “hold” rating in a research report on Friday, March 28th. JPMorgan Chase & Co. downgraded shares of OPENLANE from an “overweight” rating to a “neutral” rating and cut their target price for the company from $23.00 to $20.00 in a research note on Thursday, March 27th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a research report on Friday, February 21st.

Hedge Funds Weigh In On OPENLANE

Several institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its stake in OPENLANE by 6.6% in the third 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 in the last quarter. Barclays PLC increased its holdings in OPENLANE by 344.7% in the third quarter. Barclays PLC now owns 178,964 shares of the specialty retailer’s stock worth $3,022,000 after buying an additional 138,720 shares during the last quarter. Geode Capital Management LLC raised its position in OPENLANE by 1.4% during the third quarter. Geode Capital Management LLC now owns 2,475,741 shares of the specialty retailer’s stock valued at $41,799,000 after acquiring an additional 35,214 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in OPENLANE by 8.5% in the third quarter. JPMorgan Chase & Co. now owns 139,502 shares of the specialty retailer’s stock valued at $2,355,000 after acquiring an additional 10,962 shares during the last quarter. Finally, Carolina Wealth Advisors LLC grew its position in OPENLANE by 3.7% in the fourth quarter. Carolina Wealth Advisors LLC now owns 41,912 shares of the specialty retailer’s stock worth $832,000 after acquiring an additional 1,477 shares in the last quarter. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

OPENLANE Stock Performance

Shares of NYSE:KAR opened at $18.01 on Monday. The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of 33.98, a PEG ratio of 1.85 and a beta of 1.38. OPENLANE has a 1-year low of $15.44 and a 1-year high of $22.47. The company has a 50 day moving average price of $20.67 and a 200 day moving average price of $19.38.

OPENLANE (NYSE:KAR) last issued its earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The business had revenue of $455.00 million for the quarter, compared to analysts’ expectations of $416.64 million. On average, sell-side analysts expect that OPENLANE will post 0.95 EPS for the current fiscal year.

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.