Robert W. Baird Boosts OPENLANE (NYSE:KAR) Price Target to $20.00

OPENLANE (NYSE:KAR) had its price target lifted by Robert W. Baird from $18.00 to $20.00 in a research report report published on Thursday morning, Benzinga reports. The brokerage currently has an outperform rating on the specialty retailer’s stock.

Other analysts have also recently issued research reports about the company. Bank of America raised OPENLANE from an underperform rating to a neutral rating and boosted their price target for the stock from $16.00 to $20.00 in a research report on Wednesday, April 10th. Barrington Research restated an outperform rating and issued a $25.00 target price on shares of OPENLANE in a report on Wednesday, February 21st. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $19.60.

OPENLANE Stock Up 0.6 %

Shares of NYSE KAR traded up $0.11 during trading hours on Thursday, hitting $17.69. The stock had a trading volume of 1,010,760 shares, compared to its average volume of 928,867. The firm’s 50-day moving average price is $16.72 and its two-hundred day moving average price is $15.23. OPENLANE has a 52 week low of $12.86 and a 52 week high of $17.85. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.15.

OPENLANE (NYSE:KAR) last posted its earnings results on Wednesday, May 1st. The specialty retailer reported $0.19 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.02). The business had revenue of $416.30 million during the quarter, compared to the consensus estimate of $425.19 million. OPENLANE had a positive return on equity of 8.53% and a negative net margin of 9.04%. The business’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.12 earnings per share. On average, sell-side analysts forecast that OPENLANE will post 0.83 EPS for the current fiscal year.

Insider Activity

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

Institutional Trading of OPENLANE

Several institutional investors have recently modified their holdings of KAR. SG Americas Securities LLC acquired a new position in shares of OPENLANE in the third quarter valued at $863,000. New York State Teachers Retirement System increased its holdings in OPENLANE by 3.0% in the 3rd quarter. New York State Teachers Retirement System now owns 60,532 shares of the specialty retailer’s stock valued at $903,000 after buying an additional 1,765 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of OPENLANE by 32.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,716 shares of the specialty retailer’s stock valued at $264,000 after buying an additional 4,370 shares in the last quarter. Roubaix Capital LLC bought a new position in shares of OPENLANE during the 3rd quarter worth about $1,889,000. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of OPENLANE by 51.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,443 shares of the specialty retailer’s stock valued at $51,000 after acquiring an additional 1,171 shares in the last quarter. Institutional investors and hedge funds own 99.76% of the company’s stock.

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.