OPENLANE (NYSE:KAR) Lifted to "Neutral" at Bank of America

Bank of America upgraded shares of OPENLANE (NYSE:KAR - Free Report) from an underperform rating to a neutral rating in a report published on Wednesday, MarketBeat reports. They currently have $20.00 price objective on the specialty retailer's stock, up from their previous price objective of $16.00.

Separately, Barrington Research restated an outperform rating and set a $25.00 target price on shares of OPENLANE in a report on Wednesday, February 21st. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $19.50.

OPENLANE Stock Down 0.2 %

KAR stock traded down $0.03 during trading hours on Wednesday, hitting $17.26. The company's stock had a trading volume of 860,476 shares, compared to its average volume of 715,114. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $1.86 billion, a PE ratio of -9.43, a price-to-earnings-growth ratio of 0.93 and a beta of 1.45. OPENLANE has a 12 month low of $12.86 and a 12 month high of $17.63. The stock has a 50 day moving average price of $15.70 and a two-hundred day moving average price of $14.93.

OPENLANE (NYSE:KAR - Get Free Report) last released its earnings results on Tuesday, February 20th. The specialty retailer reported $0.16 EPS for the quarter, beating the consensus estimate of $0.13 by $0.03. OPENLANE had a negative net margin of 9.37% and a positive return on equity of 7.49%. The firm had revenue of $391.30 million during the quarter, compared to analysts' expectations of $392.56 million. During the same period in the prior year, the company earned $0.33 EPS. The business's quarterly revenue was up 5.0% compared to the same quarter last year. On average, equities research analysts expect that OPENLANE will post 0.83 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Peter J. Kelly acquired 10,000 shares of the stock in a transaction on Monday, February 26th. The stock was purchased at an average price of $14.87 per share, for a total transaction of $148,700.00. Following the completion of the transaction, the chief executive officer now owns 323,355 shares of the company's stock, valued at approximately $4,808,288.85. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other OPENLANE news, insider James E. Money II sold 14,822 shares of the firm's stock in a transaction that occurred on 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 owns 44,604 shares in the company, valued at approximately $706,081.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Peter J. Kelly bought 10,000 shares of the company's stock in a transaction dated Monday, February 26th. The stock was bought 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 owned by corporate insiders.

Institutional Trading of OPENLANE

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in OPENLANE by 4.3% in the first quarter. Vanguard Group Inc. now owns 13,185,743 shares of the specialty retailer's stock worth $238,002,000 after acquiring an additional 549,574 shares during the period. Burgundy Asset Management Ltd. grew its holdings in shares of OPENLANE by 2.8% during the fourth quarter. Burgundy Asset Management Ltd. now owns 8,690,866 shares of the specialty retailer's stock worth $128,712,000 after purchasing an additional 236,138 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of OPENLANE by 6.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,059,333 shares of the specialty retailer's stock worth $104,550,000 after purchasing an additional 399,073 shares during the last quarter. State Street Corp grew its holdings in shares of OPENLANE by 2.0% during the second quarter. State Street Corp now owns 4,405,042 shares of the specialty retailer's stock worth $65,062,000 after buying an additional 86,181 shares during the last quarter. Finally, Hawk Ridge Capital Management LP grew its holdings in shares of OPENLANE by 5.3% during the fourth quarter. Hawk Ridge Capital Management LP now owns 3,900,178 shares of the specialty retailer's stock worth $57,762,000 after buying an additional 195,200 shares during 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.