OPENLANE (NYSE:KAR) Reaches New 12-Month High - What's Next?

OPENLANE, Inc. (NYSE:KAR - Get Free Report)'s share price 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 changing hands. The stock had previously closed at $25.80.

Analyst Ratings Changes

A number of research analysts recently issued reports on KAR shares. JPMorgan Chase & Co. cut OPENLANE from an "overweight" rating to a "neutral" rating and cut their price target for the company from $23.00 to $20.00 in a report on Thursday, March 27th. Bank of America boosted their price objective on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Finally, Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $24.00.

OPENLANE Trading Down 0.9%

The company has a market capitalization of $2.70 billion, a P/E ratio of 38.15, a PEG ratio of 3.31 and a beta of 1.41. The business has a 50 day moving average price of $22.53 and a 200 day moving average price of $20.96.

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

Insider Activity at OPENLANE

In other news, EVP James P. Coyle sold 7,000 shares of the company's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $21.72, for a total value of $152,040.00. Following the completion of the sale, 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 legal filing with the SEC, which is available through this hyperlink. 2.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On OPENLANE

Several institutional investors and hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC grew its position in shares of OPENLANE by 19.8% in the 1st quarter. Nisa Investment Advisors LLC now owns 3,575 shares of the specialty retailer's stock valued at $69,000 after purchasing an additional 590 shares during the period. Smartleaf Asset Management LLC grew its position in shares of OPENLANE by 29.0% in 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 during the period. Kathmere Capital Management LLC grew its position in shares of OPENLANE by 2.6% in the 1st quarter. Kathmere Capital Management LLC now owns 39,400 shares of the specialty retailer's stock valued at $760,000 after purchasing an additional 1,000 shares during the period. CWM LLC grew its position in shares of OPENLANE by 34.5% in the 1st quarter. CWM LLC now owns 4,198 shares of the specialty retailer's stock valued at $81,000 after purchasing an additional 1,077 shares during the period. Finally, Bank of Montreal Can grew its position in shares of OPENLANE by 9.6% in the 4th quarter. Bank of Montreal Can now owns 13,268 shares of the specialty retailer's stock valued at $263,000 after purchasing an additional 1,161 shares during the period. 99.76% of the stock is currently owned by institutional investors and hedge funds.

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.