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

OPENLANE, Inc. (NYSE:KAR - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $24.22 and last traded at $24.32, with a volume of 304666 shares. The stock had previously closed at $23.77.

Wall Street Analysts Forecast Growth

KAR has been the topic of several recent research reports. Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Stephens upgraded OPENLANE from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $20.00 to $26.00 in a report on Friday, February 28th. Barrington Research restated an "outperform" rating and issued a $25.00 target price on shares of OPENLANE in a research note on Friday, February 21st. Finally, JPMorgan Chase & Co. downgraded OPENLANE from an "overweight" rating to a "neutral" rating and reduced their price target for the stock from $23.00 to $20.00 in a research report on Thursday, March 27th.

OPENLANE Stock Performance

The stock has a market capitalization of $2.52 billion, a P/E ratio of 44.23, a PEG ratio of 1.85 and a beta of 1.40. The firm's 50-day simple moving average is $20.67 and its 200 day simple moving average is $20.54.

OPENLANE (NYSE:KAR - Get Free Report) last posted its quarterly 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. The firm had revenue of $460.10 million during the quarter, compared to the consensus estimate of $445.70 million. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The business's revenue was up 7.0% compared to the same quarter last year. During the same period last year, the company earned $0.19 earnings per share. As a group, research analysts expect that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP James P. Coyle sold 7,000 shares of OPENLANE stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $21.72, for a total transaction of $152,040.00. Following the completion of the transaction, the executive vice president now owns 36,511 shares in the company, valued at approximately $793,018.92. This trade represents a 16.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.51% of the company's stock.

Institutional Investors Weigh In On OPENLANE

A number of large investors have recently added to or reduced their stakes in KAR. Canada Pension Plan Investment Board acquired a new position in shares of OPENLANE in the fourth quarter valued at $34,000. Quarry LP grew its stake in OPENLANE by 414.6% in the 4th quarter. Quarry LP now owns 2,182 shares of the specialty retailer's stock valued at $43,000 after buying an additional 1,758 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in 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. FSC Wealth Advisors LLC bought a new position in OPENLANE in the 1st quarter valued at about $51,000. Finally, Johnson Financial Group Inc. acquired a new stake in OPENLANE during the fourth quarter worth approximately $68,000. 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.