OPENLANE (NYSE:KAR) Sets New 52-Week High - What's Next?

Key Points

• OPENLANE, Inc. (NYSE:KAR) reached a new 52-week high of $29.44 amid positive trading activity, with a volume of over 330,000 shares.
• Brokerage upgrades have increased target prices for OPENLANE, with Barrington Research raising their target from $25.00 to $30.00 and maintaining an "outperform" rating.
• During the latest quarter, OPENLANE reported earnings of $0.33 per share, surpassing estimates and reflecting an 11.6% revenue growth compared to the previous year.

OPENLANE, Inc. (NYSE:KAR - Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $29.43 and last traded at $29.44, with a volume of 330767 shares trading hands. The stock had previously closed at $29.21.

Analyst Ratings Changes

Several analysts recently commented on KAR shares. Barrington Research raised their price objective on shares of OPENLANE from $25.00 to $30.00 and gave the company an "outperform" rating in a research note on Wednesday, August 6th. Bank of America raised 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. Stephens lifted their target price on shares of OPENLANE from $32.00 to $35.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. lifted their target price on shares of OPENLANE from $22.00 to $25.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, OPENLANE presently has an average rating of "Moderate Buy" and a consensus target price of $28.75.

OPENLANE Price Performance

The business's 50-day simple moving average is $27.09 and its 200-day simple moving average is $23.23. The company has a market cap of $3.07 billion, a price-to-earnings ratio of 39.06, a PEG ratio of 3.06 and a beta of 1.38.

OPENLANE (NYSE:KAR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The specialty retailer reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.09. The business had revenue of $481.70 million during the quarter, compared to analyst estimates of $453.26 million. OPENLANE had a net margin of 8.18% and a return on equity of 11.65%. The company's revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.19 earnings per share. As a group, sell-side analysts forecast that OPENLANE, Inc. will post 0.95 EPS for the current year.

Insider Buying and Selling

In other news, EVP James P. Coyle sold 194,575 shares of the business's stock in a transaction that occurred on 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 $1,029,616.94. The trade was a 84.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Charles S. Coleman sold 59,289 shares of the business'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 transaction of $1,658,313.33. Following the completion of the transaction, the executive vice president directly owned 53,474 shares of the company's stock, valued at approximately $1,495,667.78. This represents a 52.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.51% of the company's stock.

Institutional Investors Weigh In On OPENLANE

A number of institutional investors have recently bought and sold shares of the stock. Thrivent Financial for Lutherans grew its holdings in OPENLANE by 0.6% in the second quarter. Thrivent Financial for Lutherans now owns 78,961 shares of the specialty retailer's stock valued at $1,931,000 after purchasing an additional 482 shares during the period. State of Wyoming grew its holdings in OPENLANE by 178.1% in the second quarter. State of Wyoming now owns 38,326 shares of the specialty retailer's stock valued at $937,000 after purchasing an additional 24,543 shares during the period. Public Sector Pension Investment Board grew its holdings in OPENLANE by 4.5% in the second quarter. Public Sector Pension Investment Board now owns 659,516 shares of the specialty retailer's stock valued at $16,125,000 after purchasing an additional 28,351 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in OPENLANE by 3.5% in the second quarter. CANADA LIFE ASSURANCE Co now owns 125,994 shares of the specialty retailer's stock valued at $3,086,000 after purchasing an additional 4,273 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in OPENLANE by 318.1% in the second quarter. Tower Research Capital LLC TRC now owns 11,066 shares of the specialty retailer's stock valued at $271,000 after purchasing an additional 8,419 shares during the period. 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.