OPENLANE (NYSE:KAR) Price Target Raised to $25.00

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 - Free Report) had its price objective boosted by JPMorgan Chase & Co. from $22.00 to $25.00 in a research note published on Thursday morning,Benzinga reports. They currently have a neutral rating on the specialty retailer's stock.

A number of other equities research analysts have also issued reports on the company. Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Barrington Research boosted their target price on OPENLANE from $25.00 to $30.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. Finally, Bank of America boosted their target price on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $26.50.

OPENLANE Price Performance

Shares of OPENLANE stock traded up $0.28 during trading on Thursday, hitting $28.26. The stock had a trading volume of 833,252 shares, compared to its average volume of 1,004,008. The firm has a market cap of $3.00 billion, a P/E ratio of 38.19, a PEG ratio of 2.68 and a beta of 1.40. The business has a fifty day moving average of $24.57 and a two-hundred day moving average of $21.88. OPENLANE has a fifty-two week low of $15.44 and a fifty-two week high of $29.13.

OPENLANE (NYSE:KAR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.09. The business had revenue of $481.70 million during the quarter, compared to analyst estimates of $453.26 million. OPENLANE had a return on equity of 11.65% and a net margin of 8.18%. The company's revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.19 earnings per share. As a group, research analysts forecast that OPENLANE will post 0.95 earnings per share for the current year.

Insider Buying and Selling at OPENLANE

In other OPENLANE news, EVP Charles S. Coleman sold 59,289 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $27.97, for a total value of $1,658,313.33. Following the transaction, the executive vice president owned 53,474 shares in the company, valued at $1,495,667.78. The trade was a 52.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP James P. Coyle sold 194,575 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $27.94, for a total value of $5,436,425.50. Following the completion of the transaction, the executive vice president owned 36,851 shares in the company, valued at $1,029,616.94. This trade represents a 84.08% decrease in their position. The disclosure for this sale can be found here. 2.32% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Brown Advisory Inc. acquired a new position in OPENLANE in the 4th quarter valued at approximately $43,941,000. SG Capital Management LLC acquired a new position in OPENLANE in the 2nd quarter valued at approximately $21,623,000. Nuveen LLC acquired a new position in OPENLANE in the 1st quarter valued at approximately $14,725,000. TFJ Management LLC acquired a new position in OPENLANE in the 4th quarter valued at approximately $14,465,000. Finally, Burgundy Asset Management Ltd. raised 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 acquiring an additional 647,164 shares in the last quarter. Hedge funds and other 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.