Bank of America Issues Positive Forecast for OPENLANE (NYSE:KAR) Stock Price

OPENLANE (NYSE:KAR - Free Report) had its price objective lifted by Bank of America from $22.00 to $25.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a neutral rating on the specialty retailer's stock.

A number of other research firms also recently issued reports on KAR. JPMorgan Chase & Co. downgraded OPENLANE from an "overweight" rating to a "neutral" rating and cut their price target for the company from $23.00 to $20.00 in a research note on Thursday, March 27th. Barrington Research reiterated an "outperform" rating and set a $25.00 price target on shares of OPENLANE in a report on Friday, February 21st. Stephens upgraded shares of OPENLANE from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $20.00 to $26.00 in a research note on Friday, February 28th. Finally, Wall Street Zen upgraded shares of OPENLANE from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $24.00.

OPENLANE Stock Down 0.3%

NYSE:KAR traded down $0.07 on Monday, hitting $22.83. The stock had a trading volume of 532,204 shares, compared to its average volume of 731,088. OPENLANE has a 52 week low of $15.44 and a 52 week high of $24.42. The business's fifty day moving average is $20.88 and its 200 day moving average is $20.59. The company has a market cap of $2.45 billion, a PE ratio of 43.08, a P/E/G ratio of 1.85 and a beta of 1.40.

OPENLANE (NYSE:KAR - Get Free Report) last issued its earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.07. The company had revenue of $460.10 million for the quarter, compared to analysts' expectations of $445.70 million. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. OPENLANE's quarterly revenue was up 7.0% compared to the same quarter last year. During the same period last year, the business earned $0.19 EPS. Equities analysts predict that OPENLANE will post 0.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP James P. Coyle sold 7,000 shares of the company's stock in a transaction on Friday, May 9th. The stock was sold at an average price of $21.72, for a total value of $152,040.00. Following the sale, the executive vice president now directly owns 36,511 shares of the company's stock, valued at $793,018.92. This represents a 16.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.51% of the stock is owned by insiders.

Institutional Investors Weigh In On OPENLANE

Several institutional investors and hedge funds have recently made changes to their positions in KAR. Burgundy Asset Management Ltd. boosted its holdings in shares of OPENLANE by 7.0% during the 1st quarter. Burgundy Asset Management Ltd. now owns 9,925,661 shares of the specialty retailer's stock valued at $191,367,000 after acquiring an additional 647,164 shares during the last quarter. Hawk Ridge Capital Management LP lifted its position in OPENLANE by 11.2% during the first quarter. Hawk Ridge Capital Management LP now owns 4,577,285 shares of the specialty retailer's stock valued at $88,250,000 after purchasing an additional 461,976 shares during the period. Brown Advisory Inc. boosted its holdings in OPENLANE by 14.6% in the first quarter. Brown Advisory Inc. now owns 2,538,477 shares of the specialty retailer's stock worth $48,942,000 after purchasing an additional 323,696 shares during the last quarter. Northern Trust Corp boosted its holdings in OPENLANE by 16.0% in the first quarter. Northern Trust Corp now owns 1,586,179 shares of the specialty retailer's stock worth $30,582,000 after purchasing an additional 219,261 shares during the last quarter. Finally, William Blair Investment Management LLC grew its position in OPENLANE by 2.4% in the 4th quarter. William Blair Investment Management LLC now owns 1,493,988 shares of the specialty retailer's stock worth $29,641,000 after purchasing an additional 35,164 shares during the period. 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.