OPENLANE (NYSE:KAR) Hits New 12-Month High - Here's What Happened

OPENLANE, Inc. (NYSE:KAR - Get Free Report)'s share price reached a new 52-week high on Tuesday . The stock traded as high as $23.20 and last traded at $23.18, with a volume of 213165 shares traded. The stock had previously closed at $22.80.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. cut shares of OPENLANE from an "overweight" rating to a "neutral" rating and decreased their price target for the stock from $23.00 to $20.00 in a report on Thursday, March 27th. Barrington Research reissued an "outperform" rating and issued a $25.00 target price on shares of OPENLANE in a research note on Friday, February 21st. Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Finally, Stephens raised OPENLANE from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $20.00 to $26.00 in a research note on Friday, February 28th.

OPENLANE Price Performance

The stock's 50 day simple moving average is $20.37 and its two-hundred day simple moving average is $20.46. The firm has a market cap of $2.54 billion, a P/E ratio of 44.71, a P/E/G ratio of 1.85 and a beta of 1.40.

OPENLANE (NYSE:KAR - Get Free Report) last announced its earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.07. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. The business had revenue of $460.10 million during the quarter, compared to the consensus estimate of $445.70 million. During the same quarter last year, the firm earned $0.19 earnings per share. The business's revenue for the quarter was up 7.0% on a year-over-year basis. Equities research analysts anticipate that OPENLANE, Inc. will post 0.95 earnings per share for the current year.

Insider Transactions at OPENLANE

In other news, EVP James P. Coyle sold 7,000 shares of the business's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $21.72, for a total value of $152,040.00. Following the transaction, the executive vice president now directly owns 36,511 shares in the company, valued at $793,018.92. The trade was a 16.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.51% of the company's stock.

Hedge Funds Weigh In On OPENLANE

Large investors have recently made changes to their positions in the business. Raymond James Financial Inc. purchased a new position in shares of OPENLANE in the fourth quarter valued at about $5,822,000. Hillsdale Investment Management Inc. purchased a new stake in OPENLANE in the 4th quarter worth $4,115,000. Versor Investments LP purchased a new stake in OPENLANE in the 4th quarter worth $254,000. JPMorgan Chase & Co. lifted its stake in OPENLANE by 119.4% in the 4th quarter. JPMorgan Chase & Co. now owns 306,038 shares of the specialty retailer's stock worth $6,072,000 after purchasing an additional 166,536 shares in the last quarter. Finally, Barclays PLC lifted its stake in OPENLANE by 344.7% in the 3rd quarter. Barclays PLC now owns 178,964 shares of the specialty retailer's stock worth $3,022,000 after purchasing an additional 138,720 shares in the last quarter. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

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.