OPENLANE (NYSE:KAR) Reaches New 52-Week High at $18.41

OPENLANE, Inc. (NYSE:KAR)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $18.41 and last traded at $18.17, with a volume of 40060 shares. The stock had previously closed at $18.35.

Analyst Ratings Changes

Several research firms have commented on KAR. Barrington Research reiterated an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research note on Thursday, May 2nd. Robert W. Baird increased their price target on shares of OPENLANE from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Finally, Bank of America raised OPENLANE from an “underperform” rating to a “neutral” rating and upped their price target for the company from $16.00 to $20.00 in a research note on Wednesday, April 10th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.60.

OPENLANE Stock Up 0.2 %

The business has a fifty day moving average of $16.90 and a 200 day moving average of $15.31. The company has a market capitalization of $1.92 billion, a PE ratio of -9.90, a PEG ratio of 0.99 and a beta of 1.42. 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 announced its earnings results on Wednesday, May 1st. The specialty retailer reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.02). OPENLANE had a negative net margin of 9.04% and a positive return on equity of 8.53%. The firm had revenue of $416.30 million for the quarter, compared to analysts’ expectations of $425.19 million. During the same quarter last year, the business earned $0.12 earnings per share. The business’s revenue was down 1.0% compared to the same quarter last year. Equities research analysts anticipate that OPENLANE, Inc. will post 0.8 EPS for the current year.

Insider Activity

In related news, CEO Peter J. Kelly acquired 10,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was acquired at an average price of $14.87 per share, for a total transaction 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 filing with the SEC, which can be accessed through this link. In other OPENLANE news, CEO Peter J. Kelly bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average price 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 $4,808,288.85. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider James E. Money II sold 14,822 shares of the business’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 value of $234,632.26. Following the sale, the insider now owns 44,604 shares of the company’s stock, valued at approximately $706,081.32. The disclosure for this sale can be found here. Company insiders own 2.74% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of KAR. New York State Teachers Retirement System increased its holdings in shares of OPENLANE by 3.0% in the third quarter. New York State Teachers Retirement System now owns 60,532 shares of the specialty retailer’s stock valued at $903,000 after purchasing an additional 1,765 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of OPENLANE by 32.7% in the third 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. Allspring Global Investments Holdings LLC boosted its stake in shares of OPENLANE by 51.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,443 shares of the specialty retailer’s stock valued at $51,000 after buying an additional 1,171 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of OPENLANE by 12.0% in the third quarter. Victory Capital Management Inc. now owns 19,134 shares of the specialty retailer’s stock valued at $285,000 after buying an additional 2,057 shares in the last quarter. Finally, Illinois Municipal Retirement Fund purchased a new stake in shares of OPENLANE in the third quarter valued at approximately $944,000. Institutional investors and hedge funds own 99.76% of the company’s stock.

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.