OPENLANE (NYSE:KAR) Reaches New 12-Month High - Here's What Happened

Shares of OPENLANE, Inc. (NYSE:KAR - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $25.86 and last traded at $25.75, with a volume of 162454 shares. The stock had previously closed at $25.80.

Wall Street Analyst Weigh In

KAR has been the subject of a number of analyst reports. Bank of America lifted their price target on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a report on Monday, June 16th. JPMorgan Chase & Co. downgraded shares of OPENLANE from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from $23.00 to $20.00 in a report on Thursday, March 27th. Finally, Wall Street Zen upgraded shares of OPENLANE from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.00.

OPENLANE Stock Performance

The stock has a fifty day moving average of $22.39 and a 200 day moving average of $20.93. The company has a market capitalization of $2.73 billion, a PE ratio of 38.52, a PEG ratio of 3.31 and a beta of 1.41.

OPENLANE (NYSE:KAR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The specialty retailer reported $0.31 EPS for the quarter, beating the consensus estimate of $0.24 by $0.07. The company had revenue of $460.10 million for the quarter, compared to the consensus estimate of $445.70 million. OPENLANE had a return on equity of 10.38% and a net margin of 7.15%. OPENLANE's quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.19 EPS. As a group, equities analysts predict that OPENLANE, Inc. will post 0.95 EPS for the current year.

Insider Buying and Selling

In related news, EVP James P. Coyle sold 7,000 shares of the firm's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $21.72, for a total value of $152,040.00. Following the transaction, the executive vice president owned 36,511 shares in the company, valued at approximately $793,018.92. This trade represents a 16.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.32% of the company's stock.

Institutional Investors Weigh In On OPENLANE

A number of large investors have recently added to or reduced their stakes in KAR. Canada Pension Plan Investment Board bought a new position in OPENLANE during the fourth quarter worth about $34,000. Quarry LP raised its holdings in shares of OPENLANE by 414.6% during the 4th quarter. Quarry LP now owns 2,182 shares of the specialty retailer's stock worth $43,000 after buying an additional 1,758 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in shares of OPENLANE by 435.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer's stock valued at $51,000 after buying an additional 2,062 shares during the period. FSC Wealth Advisors LLC bought a new position in OPENLANE in the first quarter worth approximately $51,000. Finally, Johnson Financial Group Inc. bought a new position in shares of OPENLANE in the fourth quarter valued at approximately $68,000. 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.

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