OPENLANE (NYSE:KAR) Price Target Raised to $28.00

Key Points

• JPMorgan Chase & Co. has raised the price target for OPENLANE (NYSE:KAR) from $25.00 to $28.00, indicating a potential upside of 7.24% from the current stock price.
• OPENLANE recently reported earnings of $0.33 per share, exceeding estimates by $0.09, with revenues of $481.70 million for the quarter.
• Insider sales included significant transactions, with EVP Charles S. Coleman selling 59,289 shares and EVP James P. Coyle selling 194,575 shares, representing substantial decreases in their holdings.

OPENLANE (NYSE:KAR - Get Free Report) had its price target increased by investment analysts at JPMorgan Chase & Co. from $25.00 to $28.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the specialty retailer's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 7.24% from the stock's current price.

KAR has been the topic of a number of other reports. Bank of America lifted their price target on OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Barrington Research lifted their target price on shares of OPENLANE from $25.00 to $30.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. Zacks Research cut shares of OPENLANE from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 6th. Stephens lifted their price target on shares of OPENLANE from $32.00 to $35.00 and gave the stock an "overweight" rating in a report on Wednesday, September 10th. Finally, Weiss Ratings upgraded OPENLANE from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $29.50.

OPENLANE Trading Down 0.7%

NYSE KAR opened at $26.11 on Tuesday. The firm's 50 day simple moving average is $28.40 and its 200 day simple moving average is $24.29. OPENLANE has a 1 year low of $15.71 and a 1 year high of $30.93. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 35.28, a P/E/G ratio of 2.71 and a beta of 1.33.

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

Insider Buying and Selling

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

Institutional Trading of OPENLANE

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in OPENLANE by 1,949.2% in the first quarter. GAMMA Investing LLC now owns 43,033 shares of the specialty retailer's stock worth $830,000 after acquiring an additional 40,933 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of OPENLANE during the first quarter valued at about $480,000. FSC Wealth Advisors LLC acquired a new position in shares of OPENLANE during the first quarter valued at about $51,000. New York State Teachers Retirement System increased its position in shares of OPENLANE by 9.0% during the first quarter. New York State Teachers Retirement System now owns 58,947 shares of the specialty retailer's stock worth $1,136,000 after acquiring an additional 4,880 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings 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. 99.76% of the stock is owned by institutional investors.

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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