OPENLANE (NYSE:KAR) Cut to Hold at StockNews.com

StockNews.com cut shares of OPENLANE (NYSE:KAR - Free Report) from a buy rating to a hold rating in a report published on Sunday.

A number of other brokerages have also issued reports on KAR. Barrington Research reaffirmed an "outperform" rating and issued a $25.00 price target on shares of OPENLANE in a research note on Monday, November 4th. JPMorgan Chase & Co. raised their price target on shares of OPENLANE from $21.00 to $23.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 20th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.00.

OPENLANE Price Performance

KAR stock traded down $0.10 during midday trading on Friday, hitting $20.09. 315,324 shares of the stock traded hands, compared to its average volume of 738,133. The stock's fifty day simple moving average is $20.15 and its 200-day simple moving average is $18.04. The firm has a market cap of $2.15 billion, a P/E ratio of 77.26, a PEG ratio of 1.75 and a beta of 1.52. OPENLANE has a 1-year low of $12.86 and a 1-year high of $20.85.

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 the consensus estimate of $0.22 by $0.04. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. The firm had revenue of $448.00 million during the quarter, compared to analyst estimates of $431.68 million. During the same quarter in the previous year, the business earned $0.18 EPS. OPENLANE's revenue for the quarter was up 7.6% compared to the same quarter last year. On average, research analysts predict that OPENLANE will post 0.84 earnings per share for the current year.

Insider Activity at OPENLANE

In other OPENLANE news, CFO Brad S. Lakhia acquired 4,985 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was bought at an average cost of $20.06 per share, for a total transaction of $99,999.10. Following the completion of the transaction, the chief financial officer now owns 14,303 shares of the company's stock, valued at approximately $286,918.18. The trade was a 53.50 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On OPENLANE

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. River Road Asset Management LLC lifted its holdings in shares of OPENLANE by 15.3% in the 3rd quarter. River Road Asset Management LLC now owns 5,045,087 shares of the specialty retailer's stock worth $85,161,000 after acquiring an additional 671,104 shares during the last quarter. Clifford Capital Partners LLC purchased a new stake in OPENLANE in the third quarter valued at approximately $10,309,000. Renaissance Technologies LLC purchased a new position in OPENLANE during the 2nd quarter valued at about $3,243,000. D. E. Shaw & Co. Inc. increased its stake in OPENLANE by 14.4% during the second quarter. D. E. Shaw & Co. Inc. now owns 1,441,923 shares of the specialty retailer's stock worth $23,922,000 after purchasing an additional 181,130 shares during the period. Finally, Barclays PLC lifted its position in shares of OPENLANE by 344.7% during the third quarter. Barclays PLC now owns 178,964 shares of the specialty retailer's stock worth $3,022,000 after purchasing an additional 138,720 shares in the last quarter. Hedge funds and other institutional investors 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.