OPENLANE (NYSE:KAR) Stock Price Expected to Rise, Bank of America Analyst Says

OPENLANE (NYSE:KAR - Free Report) had its target price increased by Bank of America from $22.00 to $25.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has a neutral rating on the specialty retailer's stock.

A number of other research firms have also recently weighed in on KAR. Stephens raised shares of OPENLANE from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $20.00 to $26.00 in a report on Friday, February 28th. JPMorgan Chase & Co. lowered 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. Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Finally, Barrington Research reiterated an "outperform" rating and set a $25.00 price target on shares of OPENLANE in a research report on Friday, February 21st. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, OPENLANE currently has an average rating of "Moderate Buy" and a consensus target price of $24.00.

OPENLANE Price Performance

KAR stock traded down $0.19 during trading on Monday, hitting $22.12. 572,935 shares of the company traded hands, compared to its average volume of 730,789. OPENLANE has a 1 year low of $15.44 and a 1 year high of $24.42. The company has a market cap of $2.37 billion, a PE ratio of 33.51, a P/E/G ratio of 2.86 and a beta of 1.40. The stock's 50-day simple moving average is $21.12 and its 200 day simple moving average is $20.63.

OPENLANE (NYSE:KAR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The specialty retailer reported $0.31 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.07. OPENLANE had a net margin of 7.15% and a return on equity of 10.38%. The business had revenue of $460.10 million for the quarter, compared to analysts' expectations of $445.70 million. During the same quarter last year, the company earned $0.19 EPS. The business's revenue was up 7.0% on a year-over-year basis. Research analysts expect that OPENLANE will post 0.95 earnings per share for the current year.

Insider Activity

In related news, EVP James P. Coyle sold 7,000 shares of the company's stock in a transaction dated Friday, May 9th. The shares were 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 $793,018.92. This represents a 16.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.51% of the company's stock.

Institutional Investors Weigh In On OPENLANE

Several institutional investors have recently bought and sold shares of KAR. Brown Advisory Inc. acquired a new position in shares of OPENLANE during the fourth quarter valued at approximately $43,941,000. Kimelman & Baird LLC purchased a new stake in shares of OPENLANE during the fourth quarter worth approximately $15,793,000. Nuveen LLC acquired a new position in OPENLANE in the 1st quarter valued at $14,725,000. TFJ Management LLC acquired a new position in OPENLANE in the 4th quarter valued at $14,465,000. Finally, Burgundy Asset Management Ltd. lifted its holdings in OPENLANE by 7.0% in 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 purchasing an additional 647,164 shares in the last quarter. 99.76% of the stock is currently owned by institutional investors and hedge funds.

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.