OPENLANE (NYSE:KAR) Stock Price Expected to Rise, Barrington Research Analyst Says

Key Points

• Barrington Research has raised its price target for OPENLANE (NYSE:KAR) from $25.00 to $30.00, indicating a potential upside of 4.21% from its previous close.
• Several analysts have rated OPENLANE with a consensus "Moderate Buy" recommendation and an average target price of $25.25, including an upgrade from a "hold" to a "buy" rating by Wall Street Zen.
• OPENLANE reported earnings of $0.33 per share, exceeding analysts' expectations and showing an 11.6% increase in revenue compared to the same quarter last year.

OPENLANE (NYSE:KAR - Free Report) had its price target lifted by Barrington Research from $25.00 to $30.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an outperform rating on the specialty retailer's stock.

Several other brokerages also recently issued reports on KAR. Bank of America upped their price objective on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a research note 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 data from MarketBeat.com, OPENLANE has an average rating of "Moderate Buy" and a consensus target price of $26.50.

OPENLANE Stock Down 0.1%

Shares of OPENLANE stock traded down $0.02 during trading on Wednesday, hitting $27.98. 1,037,018 shares of the company were exchanged, compared to its average volume of 1,004,008. OPENLANE has a fifty-two week low of $15.44 and a fifty-two week high of $29.13. The firm has a 50 day moving average price of $24.46 and a 200 day moving average price of $21.83. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of 37.81, a P/E/G ratio of 2.68 and a beta of 1.40.

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

Insider Transactions at OPENLANE

In other OPENLANE news, EVP Charles S. Coleman sold 59,289 shares of OPENLANE stock in a transaction that occurred 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. The trade was a 52.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP James P. Coyle sold 194,575 shares of the stock in a transaction on 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 sale, the executive vice president owned 36,851 shares of the company's stock, valued at approximately $1,029,616.94. This represents a 84.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.32% of the company's stock.

Hedge Funds Weigh In On OPENLANE

A number of institutional investors and hedge funds have recently bought and sold shares of KAR. Canada Pension Plan Investment Board acquired a new position in shares of OPENLANE during the fourth quarter worth $34,000. North Star Investment Management Corp. increased its position in shares of OPENLANE by 77.6% during the second quarter. North Star Investment Management Corp. now owns 1,575 shares of the specialty retailer's stock worth $39,000 after acquiring an additional 688 shares during the last quarter. Quarry LP lifted its stake in shares of OPENLANE by 414.6% in the fourth quarter. Quarry LP now owns 2,182 shares of the specialty retailer's stock worth $43,000 after acquiring an additional 1,758 shares in the last quarter. FSC Wealth Advisors LLC purchased a new position in OPENLANE in the first quarter valued at about $51,000. Finally, Smartleaf Asset Management LLC grew its stake in OPENLANE by 29.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 3,270 shares of the specialty retailer's stock valued at $63,000 after purchasing an additional 735 shares in the last quarter. Hedge funds and other institutional investors own 99.76% of the company's stock.

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.