OPENLANE (NYSE:KAR) Price Target Raised to $25.00 at JPMorgan Chase & Co.

Key Points

• OPENLANE (NYSE:KAR) had its price target raised from $22.00 to $25.00 by JPMorgan Chase & Co., though they maintain a "neutral" rating on the stock.
• Other analysts also upgraded OPENLANE, with Bank of America matching the $25.00 target and Barrington Research setting it at $30.00 with an "outperform" rating.
• OPENLANE's most recent quarterly earnings exceeded expectations, reporting $0.33 earnings per share against a consensus estimate of $0.24, with a year-over-year revenue increase of 11.6%.

OPENLANE (NYSE:KAR - Get Free Report) had its price objective raised by analysts at JPMorgan Chase & Co. from $22.00 to $25.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the specialty retailer's stock. JPMorgan Chase & Co.'s target price would indicate a potential downside of 10.70% from the company's current price.

A number of other analysts have also issued reports on the company. Wall Street Zen upgraded OPENLANE from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Bank of America raised their target price on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Finally, Barrington Research upped their target price on shares of OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, OPENLANE presently has a consensus rating of "Moderate Buy" and an average price target of $26.50.

OPENLANE Price Performance

OPENLANE stock traded down $0.91 during trading hours on Thursday, hitting $27.99. The company had a trading volume of 1,190,825 shares, compared to its average volume of 842,001. The firm has a 50-day moving average of $24.26 and a 200 day moving average of $21.70. OPENLANE has a one year low of $15.44 and a one year high of $29.13. The firm has a market cap of $3.01 billion, a PE ratio of 42.42, a PEG ratio of 2.80 and a beta of 1.40.

OPENLANE (NYSE:KAR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.09. OPENLANE had a net margin of 7.15% and a return on equity of 10.38%. The company had revenue of $481.70 million for the quarter, compared to analysts' expectations of $453.26 million. During the same quarter in the previous year, the firm posted $0.19 earnings per share. OPENLANE's revenue for the quarter was up 11.6% on a year-over-year basis. As a group, research analysts expect that OPENLANE will post 0.95 earnings per share for the current year.

Insider Buying and Selling at OPENLANE

In other news, EVP James P. Coyle sold 7,000 shares of the company's stock in a transaction that occurred on 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 directly owned 36,511 shares of the company's stock, valued at $793,018.92. This represents a 16.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through 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 added to or reduced their stakes in the business. Principal Financial Group Inc. increased its stake in shares of OPENLANE by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 531,985 shares of the specialty retailer's stock worth $10,257,000 after acquiring an additional 13,817 shares during the last quarter. GSA Capital Partners LLP purchased a new position in OPENLANE in the first quarter valued at $1,331,000. Neo Ivy Capital Management acquired a new position in OPENLANE during the 1st quarter worth approximately $936,000. Cerity Partners LLC acquired a new stake in shares of OPENLANE during the 1st quarter worth about $531,000. Finally, GAMMA Investing LLC grew its position in shares of OPENLANE by 1,949.2% in the 1st quarter. GAMMA Investing LLC now owns 43,033 shares of the specialty retailer's stock valued at $830,000 after buying an additional 40,933 shares during the last quarter. Institutional investors and hedge funds 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.

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