OPENLANE’s (KAR) Outperform Rating Reaffirmed at Barrington Research

OPENLANE (NYSE:KAR)‘s stock had its “outperform” rating reissued by stock analysts at Barrington Research in a report issued on Thursday, Benzinga reports. They presently have a $25.00 target price on the specialty retailer’s stock. Barrington Research’s price target indicates a potential upside of 43.10% from the company’s current price.

Several other analysts also recently weighed in on the stock. Bank of America upgraded shares of OPENLANE from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $16.00 to $20.00 in a research report on Wednesday, April 10th. Robert W. Baird lifted their target price on shares of OPENLANE from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, OPENLANE currently has an average rating of “Moderate Buy” and an average target price of $19.60.

OPENLANE Stock Up 0.1 %

OPENLANE stock traded up $0.02 during trading on Thursday, reaching $17.47. The stock had a trading volume of 1,215,778 shares, compared to its average volume of 758,855. OPENLANE has a 52-week low of $12.86 and a 52-week high of $17.79. The business has a 50 day moving average price of $16.61 and a 200 day moving average price of $15.19. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.15. The stock has a market cap of $1.89 billion, a PE ratio of -9.55, a P/E/G ratio of 0.93 and a beta of 1.42.

OPENLANE (NYSE:KAR) last issued its quarterly earnings data on Wednesday, May 1st. The specialty retailer reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.02). The company had revenue of $416.30 million for the quarter, compared to analysts’ expectations of $425.19 million. OPENLANE had a positive return on equity of 7.49% and a negative net margin of 9.37%. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.12 EPS. On average, analysts predict that OPENLANE will post 0.83 EPS for the current year.

Insider Activity

In other news, CEO Peter J. Kelly acquired 10,000 shares of the company’s stock in a transaction on Monday, February 26th. The shares were bought at an average cost of $14.87 per share, with a total value of $148,700.00. Following the purchase, the chief executive officer now owns 323,355 shares of the company’s stock, valued at approximately $4,808,288.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other OPENLANE news, insider James E. Money II sold 14,822 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $15.83, for a total value of $234,632.26. Following the transaction, the insider now directly owns 44,604 shares of the company’s stock, valued at approximately $706,081.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Peter J. Kelly acquired 10,000 shares of the company’s stock in a transaction on Monday, February 26th. The stock was purchased at an average cost of $14.87 per share, for a total transaction of $148,700.00. Following the completion of the purchase, the chief executive officer now directly owns 323,355 shares in the company, valued at approximately $4,808,288.85. The disclosure for this purchase can be found here. Corporate insiders own 2.74% of the company’s stock.

Hedge Funds Weigh In On OPENLANE

A number of institutional investors and hedge funds have recently made changes to their positions in KAR. Allspring Global Investments Holdings LLC lifted its holdings in OPENLANE by 51.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,443 shares of the specialty retailer’s stock valued at $51,000 after purchasing an additional 1,171 shares in the last quarter. TFO Wealth Partners LLC lifted its holdings in shares of OPENLANE by 16,018.2% during the 4th quarter. TFO Wealth Partners LLC now owns 1,773 shares of the specialty retailer’s stock worth $26,000 after acquiring an additional 1,762 shares during the period. New York State Teachers Retirement System lifted its holdings in shares of OPENLANE by 3.0% during the 3rd quarter. New York State Teachers Retirement System now owns 60,532 shares of the specialty retailer’s stock worth $903,000 after acquiring an additional 1,765 shares during the period. Illinois Municipal Retirement Fund lifted its holdings in shares of OPENLANE by 3.0% during the 4th quarter. Illinois Municipal Retirement Fund now owns 65,179 shares of the specialty retailer’s stock worth $965,000 after acquiring an additional 1,891 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of OPENLANE by 11.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,716 shares of the specialty retailer’s stock worth $292,000 after acquiring an additional 2,000 shares during the period. 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.