OPENLANE (NYSE:KAR) Releases Earnings Results, Beats Expectations By $0.09 EPS

Key Points

• OPENLANE reported earnings of $0.33 EPS for the quarter, exceeding expectations by $0.09, with revenue growing 11.6% year-over-year to $481.70 million.
• Stock traded down 0.1% to $27.98, amid a market capitalization of $2.97 billion and a P/E ratio of 37.81.
• Recent analyst upgrades include a price target increase by Barrington Research from $25.00 to $30.00, with a consensus rating of "Moderate Buy".

OPENLANE (NYSE:KAR - Get Free Report) announced its quarterly earnings data on Wednesday. The specialty retailer reported $0.33 EPS for the quarter, beating the consensus estimate of $0.24 by $0.09, Briefing.com reports. OPENLANE had a net margin of 8.18% and a return on equity of 11.65%. The firm had revenue of $481.70 million for the quarter, compared to the consensus estimate of $453.26 million. During the same period last year, the firm earned $0.19 EPS. The company's revenue was up 11.6% on a year-over-year basis.

OPENLANE Stock Down 0.1%

NYSE KAR traded down $0.02 during trading on Friday, hitting $27.98. 1,037,018 shares of the stock traded hands, compared to its average volume of 998,023. OPENLANE has a 12-month low of $15.44 and a 12-month high of $29.13. The firm has a 50-day simple moving average of $24.46 and a 200-day simple moving average of $21.81. The company has a market capitalization of $2.97 billion, a P/E ratio of 37.81, a price-to-earnings-growth ratio of 2.98 and a beta of 1.40.

Insider Activity at OPENLANE

In related news, EVP James P. Coyle sold 194,575 shares of the stock in a transaction dated 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 transaction, the executive vice president owned 36,851 shares of the company's stock, valued at approximately $1,029,616.94. This trade represents a 84.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Charles S. Coleman sold 59,289 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $27.97, for a total value of $1,658,313.33. Following the completion of the sale, 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 disclosure for this sale can be found here. 1.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Jane Street Group LLC acquired a new position in OPENLANE during the first quarter worth $4,555,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in OPENLANE by 8.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 367,688 shares of the specialty retailer's stock worth $7,089,000 after acquiring an additional 28,146 shares in the last quarter. Royal Bank of Canada raised its holdings in OPENLANE by 105.1% during the first quarter. Royal Bank of Canada now owns 33,562 shares of the specialty retailer's stock worth $647,000 after acquiring an additional 17,197 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in OPENLANE by 3.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 63,129 shares of the specialty retailer's stock valued at $1,217,000 after purchasing an additional 2,031 shares during the last quarter. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

KAR has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research note on Thursday. Wall Street Zen raised OPENLANE from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Bank of America increased their price objective on shares of OPENLANE from $22.00 to $25.00 and gave the company a "neutral" rating in a report on Monday, June 16th. Finally, Barrington Research boosted their target price on shares of OPENLANE from $25.00 to $30.00 and gave the stock an "outperform" rating in a report on Wednesday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.50.

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.

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