OPENLANE (NYSE:KAR) Reaches New 52-Week High - Here's Why

OPENLANE, Inc. (NYSE:KAR - Get Free Report) shares reached a new 52-week high on Monday . The stock traded as high as $20.96 and last traded at $20.80, with a volume of 34462 shares trading hands. The stock had previously closed at $20.65.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Stephens assumed coverage on shares of OPENLANE in a research report on Wednesday, January 22nd. They set an "equal weight" rating and a $20.00 target price on the stock. StockNews.com downgraded shares of OPENLANE from a "buy" rating to a "hold" rating in a report on Sunday, January 19th. Barrington Research reiterated an "outperform" rating and issued a $25.00 target price on shares of OPENLANE in a research note on Monday, November 4th. Finally, JPMorgan Chase & Co. boosted their price target on OPENLANE from $21.00 to $23.00 and gave the company an "overweight" rating in a research note on Wednesday, November 20th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, OPENLANE currently has an average rating of "Moderate Buy" and a consensus target price of $21.60.

OPENLANE Stock Up 0.7 %

The business has a fifty day simple moving average of $20.22 and a two-hundred day simple moving average of $18.20. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of 79.98, a P/E/G ratio of 1.80 and a beta of 1.52.

OPENLANE (NYSE:KAR - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 EPS 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 business had revenue of $448.00 million for the quarter, compared to analyst estimates of $431.68 million. During the same quarter in the previous year, the firm earned $0.18 EPS. OPENLANE's quarterly revenue was up 7.6% on a year-over-year basis. As a group, equities analysts predict that OPENLANE, Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of OPENLANE

A number of hedge funds and other institutional investors have recently made changes to their positions in KAR. River Road Asset Management LLC grew its holdings in OPENLANE by 15.3% during 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 acquired a new position in shares of OPENLANE during the third quarter worth approximately $10,309,000. Renaissance Technologies LLC bought a new stake in shares of OPENLANE during the second quarter valued at approximately $3,243,000. D. E. Shaw & Co. Inc. increased its holdings in shares of OPENLANE by 14.4% in the second quarter. D. E. Shaw & Co. Inc. now owns 1,441,923 shares of the specialty retailer's stock valued at $23,922,000 after purchasing an additional 181,130 shares in the last quarter. Finally, Barclays PLC raised its position in OPENLANE by 344.7% in the 3rd 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 during the last quarter. 99.76% of the stock is currently owned by institutional investors and hedge funds.

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.