StockNews.com Downgrades OPENLANE (NYSE:KAR) to Hold

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

Other analysts also recently issued reports about the stock. Barrington Research restated an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research report on Friday. Stephens began coverage on OPENLANE in a research note on Wednesday, January 22nd. They issued an “equal weight” rating and a $20.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their price target on shares of OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, OPENLANE has a consensus rating of “Moderate Buy” and a consensus target price of $21.60.

OPENLANE Price Performance

NYSE:KAR opened at $20.96 on Friday. The firm’s 50-day moving average price is $20.39 and its 200-day moving average price is $18.58. The company has a market capitalization of $2.24 billion, a PE ratio of 39.54, a P/E/G ratio of 1.85 and a beta of 1.52. OPENLANE has a 1-year low of $14.45 and a 1-year high of $21.93.

OPENLANE (NYSE:KAR) last released its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $0.21 EPS for the quarter, beating the consensus estimate of $0.20 by $0.01. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The company had revenue of $455.00 million for the quarter, compared to analysts’ expectations of $416.64 million. Equities analysts anticipate that OPENLANE will post 0.95 EPS for the current fiscal year.

Institutional Investors Weigh In On OPENLANE

Several hedge funds have recently modified their holdings of KAR. Canada Pension Plan Investment Board purchased a new position in OPENLANE during the fourth quarter valued at approximately $34,000. Quarry LP boosted its position in OPENLANE by 414.6% during the 4th quarter. Quarry LP now owns 2,182 shares of the specialty retailer’s stock valued at $43,000 after acquiring an additional 1,758 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of OPENLANE by 435.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer’s stock valued at $51,000 after acquiring an additional 2,062 shares during the period. Johnson Financial Group Inc. bought a new position in shares of OPENLANE in the 4th quarter worth $68,000. Finally, KBC Group NV raised its position in shares of OPENLANE by 51.1% in the 4th quarter. KBC Group NV now owns 5,314 shares of the specialty retailer’s stock worth $105,000 after acquiring an additional 1,798 shares in the last quarter. 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.