OPENLANE (NYSE:KAR) Hits New 12-Month High After Earnings Beat

Shares of OPENLANE, Inc. (NYSE:KAR - Get Free Report) hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $19.93 and last traded at $19.68, with a volume of 151952 shares trading hands. The stock had previously closed at $17.48.

The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.21 by $0.05. OPENLANE had a net margin of 3.39% and a return on equity of 7.85%. The company had revenue of $448.00 million during the quarter, compared to the consensus estimate of $431.68 million. During the same quarter in the prior year, the firm earned $0.18 EPS. The company's revenue was up 7.6% compared to the same quarter last year.

Analyst Ratings Changes

Separately, Barrington Research reissued an "outperform" rating and set a $25.00 target price on shares of OPENLANE in a research report on Monday.

Institutional Investors Weigh In On OPENLANE

Hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp lifted its holdings in shares of OPENLANE by 175.5% during the 2nd quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer's stock worth $27,000 after acquiring an additional 1,018 shares during the period. Quarry LP lifted its stake in OPENLANE by 201.4% during the second quarter. Quarry LP now owns 2,375 shares of the specialty retailer's stock worth $39,000 after purchasing an additional 1,587 shares during the period. Innealta Capital LLC acquired a new stake in OPENLANE during the second quarter valued at approximately $81,000. Creative Planning acquired a new stake in OPENLANE during the third quarter valued at approximately $193,000. Finally, MQS Management LLC bought a new stake in shares of OPENLANE in the 2nd quarter valued at approximately $204,000. Institutional investors own 99.76% of the company's stock.

OPENLANE Trading Up 11.9 %

The firm has a market capitalization of $2.13 billion, a price-to-earnings ratio of 131.20, a PEG ratio of 1.70 and a beta of 1.44. The stock has a fifty day moving average price of $16.38 and a 200-day moving average price of $16.93.

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.