OPENLANE (NYSE:KAR) Sets New 52-Week High - Time to Buy?

OPENLANE, Inc. (NYSE:KAR - Get Free Report) reached a new 52-week high during trading on Friday . The stock traded as high as $20.71 and last traded at $20.41, with a volume of 31389 shares. The stock had previously closed at $20.25.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on KAR shares. JPMorgan Chase & Co. boosted their price target on shares of OPENLANE from $21.00 to $23.00 and gave the company an "overweight" rating in a research report on Wednesday, November 20th. Barrington Research reaffirmed an "outperform" rating and set a $25.00 price target on shares of OPENLANE in a research report on Monday, November 4th.

OPENLANE Stock Down 0.2 %

The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 77.70, a PEG ratio of 2.00 and a beta of 1.53. The business's 50-day simple moving average is $17.83 and its two-hundred day simple moving average is $17.29.

OPENLANE (NYSE:KAR - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.04. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. The business had revenue of $448.00 million during the quarter, compared to analysts' expectations of $431.68 million. During the same period last year, the business earned $0.18 earnings per share. The business's revenue for the quarter was up 7.6% on a year-over-year basis. Sell-side analysts anticipate that OPENLANE, Inc. will post 0.84 earnings per share for the current year.

Insider Buying and Selling

In other OPENLANE news, CFO Brad S. Lakhia acquired 4,985 shares of the stock in a transaction dated Wednesday, November 13th. The stock was acquired at an average cost of $20.06 per share, with a total value of $99,999.10. Following the transaction, the chief financial officer now owns 14,303 shares in the company, valued at $286,918.18. The trade was a 53.50 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.32% of the stock is currently owned by insiders.

Institutional Trading of OPENLANE

Several institutional investors and hedge funds have recently made changes to their positions in KAR. Fifth Third Bancorp lifted its holdings in shares of OPENLANE by 175.5% in the 2nd quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer's stock valued at $27,000 after purchasing an additional 1,018 shares during the last quarter. Quarry LP lifted its holdings in shares of OPENLANE by 201.4% in the 2nd quarter. Quarry LP now owns 2,375 shares of the specialty retailer's stock valued at $39,000 after purchasing an additional 1,587 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of OPENLANE in the 2nd quarter valued at about $81,000. Creative Planning purchased a new stake in shares of OPENLANE in the 3rd quarter valued at about $193,000. Finally, MQS Management LLC purchased a new stake in shares of OPENLANE in the 2nd quarter valued at about $204,000. 99.76% of the stock is owned by hedge funds and other institutional investors.

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.