OPENLANE (NYSE:KAR) Updates FY 2024 Earnings Guidance

OPENLANE (NYSE:KAR - Get Free Report) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.770-0.870 for the period, compared to the consensus earnings per share estimate of 0.830. The company issued revenue guidance of -. OPENLANE also updated its FY24 guidance to $0.77-0.87 EPS.

OPENLANE Stock Performance

KAR stock traded up $0.27 during midday trading on Wednesday, hitting $17.45. The stock had a trading volume of 1,184,521 shares, compared to its average volume of 753,705. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of -9.54, a P/E/G ratio of 0.94 and a beta of 1.45. OPENLANE has a 52 week low of $12.86 and a 52 week high of $17.79. The stock has a 50-day simple moving average of $16.55 and a 200 day simple moving average of $15.17. 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 - Get Free Report) last issued its quarterly earnings data on Tuesday, February 20th. The specialty retailer reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.13 by $0.03. The company had revenue of $391.30 million during the quarter, compared to analysts' expectations of $392.56 million. OPENLANE had a positive return on equity of 7.49% and a negative net margin of 9.37%. The business's revenue was up 5.0% on a year-over-year basis. During the same period last year, the business earned $0.33 earnings per share. As a group, equities research analysts anticipate that OPENLANE will post 0.83 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on KAR. Barrington Research reissued an outperform rating and set a $25.00 price objective on shares of OPENLANE in a report on Wednesday, February 21st. Bank of America raised OPENLANE from an underperform rating to a neutral rating and lifted their price target for the company from $16.00 to $20.00 in a report on Wednesday, April 10th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Hold and an average price target of $19.50.

Insider Transactions at OPENLANE

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

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