OPENLANE (NYSE:KAR) Sets New 12-Month High - Here's Why

Shares of OPENLANE, Inc. (NYSE:KAR - Get Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $22.47 and last traded at $22.64, with a volume of 263 shares changing hands. The stock had previously closed at $21.96.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. JPMorgan Chase & Co. downgraded 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. Barrington Research restated an "outperform" rating and issued a $25.00 price objective on shares of OPENLANE in a research note on Friday, February 21st. StockNews.com raised OPENLANE from a "hold" rating to a "buy" rating in a report on Friday. Finally, Stephens raised OPENLANE from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $20.00 to $26.00 in a research note on Friday, February 28th.

OPENLANE Stock Performance

The company has a 50 day moving average of $19.55 and a 200-day moving average of $19.84. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 42.01, a price-to-earnings-growth ratio of 1.85 and a beta of 1.32.

OPENLANE (NYSE:KAR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 EPS for the quarter, beating the consensus estimate of $0.24 by $0.07. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. The business had revenue of $460.10 million during the quarter, compared to analyst estimates of $445.70 million. During the same period in the previous year, the business posted $0.19 EPS. The company's quarterly revenue was up 7.0% on a year-over-year basis. On average, research analysts anticipate that OPENLANE, Inc. will post 0.95 EPS for the current year.

Hedge Funds Weigh In On OPENLANE

Institutional investors have recently added to or reduced their stakes in the business. Burgundy Asset Management Ltd. raised its position in shares of OPENLANE by 1.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 9,278,497 shares of the specialty retailer's stock valued at $184,085,000 after buying an additional 153,975 shares in the last quarter. Brown Advisory Inc. boosted its stake in OPENLANE by 14.6% during the first quarter. Brown Advisory Inc. now owns 2,538,477 shares of the specialty retailer's stock worth $48,942,000 after buying an additional 323,696 shares during the period. William Blair Investment Management LLC grew its stake in OPENLANE by 2.4% in the fourth quarter. William Blair Investment Management LLC now owns 1,493,988 shares of the specialty retailer's stock valued at $29,641,000 after purchasing an additional 35,164 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of OPENLANE by 3.5% in the 4th quarter. Northern Trust Corp now owns 1,366,918 shares of the specialty retailer's stock valued at $27,120,000 after acquiring an additional 46,041 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in OPENLANE by 14.5% in the 4th quarter. Bank of New York Mellon Corp now owns 884,553 shares of the specialty retailer's stock valued at $17,550,000 after buying an additional 111,798 shares in the last quarter. 99.76% of the stock is 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.

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