OPENLANE (NYSE:KAR) Reaches New 1-Year High - Still a Buy?

OPENLANE, Inc. (NYSE:KAR - Get Free Report)'s stock price hit a new 52-week high during trading on Monday . The company traded as high as $21.51 and last traded at $21.34, with a volume of 562685 shares changing hands. The stock had previously closed at $20.67.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Stephens assumed coverage on OPENLANE in a research report on Wednesday, January 22nd. They issued an "equal weight" rating and a $20.00 price objective for the company. StockNews.com raised OPENLANE from a "hold" rating to a "buy" rating in a research report on Friday. JPMorgan Chase & Co. lifted their price objective on OPENLANE from $21.00 to $23.00 and gave the company an "overweight" rating in a research report on Wednesday, November 20th. Finally, Barrington Research reiterated an "outperform" rating and issued a $25.00 target price on shares of OPENLANE in a report on Friday. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $21.60.

OPENLANE Stock Up 0.2 %

The stock has a market cap of $2.20 billion, a price-to-earnings ratio of 79.25, a PEG ratio of 1.84 and a beta of 1.52. The stock has a fifty day moving average of $20.40 and a two-hundred day moving average of $18.46.

Institutional Investors Weigh In On OPENLANE

Several institutional investors and hedge funds have recently modified their holdings of KAR. Canada Pension Plan Investment Board purchased a new position in OPENLANE in the fourth quarter valued at about $34,000. Quarry LP boosted its holdings in OPENLANE by 414.6% in the fourth quarter. Quarry LP now owns 2,182 shares of the specialty retailer's stock valued at $43,000 after purchasing an additional 1,758 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in OPENLANE by 435.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer's stock valued at $51,000 after purchasing an additional 2,062 shares during the last quarter. Johnson Financial Group Inc. purchased a new position in OPENLANE in the fourth quarter valued at about $68,000. Finally, KBC Group NV boosted its holdings in OPENLANE by 51.1% in the fourth quarter. KBC Group NV now owns 5,314 shares of the specialty retailer's stock valued at $105,000 after purchasing an additional 1,798 shares during 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.