OPENLANE (NYSE:KAR) Sets New 12-Month High - Time to Buy?

OPENLANE, Inc. (NYSE:KAR - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $24.50 and last traded at $24.47, with a volume of 474403 shares traded. The stock had previously closed at $23.91.

Wall Street Analyst Weigh In

Several research firms have recently commented on KAR. JPMorgan Chase & Co. lowered shares of OPENLANE from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $23.00 to $20.00 in a research report on Thursday, March 27th. Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Finally, Bank of America boosted their target price on shares of OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $24.00.

OPENLANE Price Performance

The company has a market cap of $2.74 billion, a PE ratio of 38.68, a PEG ratio of 3.18 and a beta of 1.41. The stock has a 50 day simple moving average of $22.10 and a two-hundred day simple moving average of $20.84.

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

Insider Buying and Selling

In related news, EVP James P. Coyle sold 7,000 shares of the company's stock in a transaction on Friday, May 9th. The stock was sold at an average price of $21.72, for a total transaction of $152,040.00. Following the transaction, the executive vice president owned 36,511 shares of the company's stock, valued at $793,018.92. This represents a 16.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.51% of the stock is currently owned by insiders.

Institutional Trading of OPENLANE

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