OPENLANE (NYSE:KAR) Sets New 52-Week High - Still a Buy?

OPENLANE, Inc. (NYSE:KAR - Get Free Report)'s stock 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. The stock had previously closed at $23.91.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. 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. Finally, JPMorgan Chase & Co. cut OPENLANE from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $23.00 to $20.00 in a research report on Thursday, March 27th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $24.00.

OPENLANE Trading Up 1.1%

The business's fifty day moving average price is $22.10 and its 200 day moving average price is $20.84. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of 39.09, a PEG ratio of 3.18 and a beta of 1.41.

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

Insider Buying and Selling

In other OPENLANE news, EVP James P. Coyle sold 7,000 shares of OPENLANE stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $21.72, for a total value of $152,040.00. Following the transaction, the executive vice president directly owned 36,511 shares in the company, valued at approximately $793,018.92. This trade represents a 16.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On OPENLANE

Hedge funds and other institutional investors have recently bought and sold shares of the company. Canada Pension Plan Investment Board acquired a new stake in OPENLANE in the fourth quarter valued at about $34,000. Quarry LP raised its stake 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 lifted its holdings in shares of OPENLANE by 435.9% in the 4th 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 purchased a new stake in shares of OPENLANE in the first quarter valued at approximately $51,000. Finally, Johnson Financial Group Inc. acquired a new position in OPENLANE during the fourth quarter worth $68,000. 99.76% of the stock is currently owned by hedge funds and other 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.