OPENLANE (NYSE:KAR) Shares Gap Down - Here's What Happened

OPENLANE, Inc. (NYSE:KAR - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $20.99, but opened at $19.61. OPENLANE shares last traded at $19.93, with a volume of 261,125 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Barrington Research reaffirmed an "outperform" rating and set a $25.00 price objective on shares of OPENLANE in a research report on Friday, February 21st. Stephens raised shares of OPENLANE from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $20.00 to $26.00 in a report on Friday, February 28th. JPMorgan Chase & Co. cut shares of OPENLANE from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $23.00 to $20.00 in a report on Thursday. Finally, StockNews.com cut OPENLANE from a "buy" rating to a "hold" rating in a report on Friday. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $22.20.

OPENLANE Price Performance

The business's 50-day moving average is $20.78 and its 200 day moving average is $19.28. The firm has a market capitalization of $2.05 billion, a P/E ratio of 36.14, a price-to-earnings-growth ratio of 1.85 and a beta of 1.53.

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OPENLANE (NYSE:KAR - Get Free Report) last announced its earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 EPS for the quarter, topping the consensus estimate of $0.20 by $0.01. The company had revenue of $455.00 million for the quarter, compared to analysts' expectations of $416.64 million. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. Analysts anticipate that OPENLANE, Inc. will post 0.95 EPS for the current fiscal year.

Institutional Trading of OPENLANE

Several large investors have recently modified their holdings of the stock. Canada Pension Plan Investment Board acquired a new position in OPENLANE in the fourth quarter valued at about $34,000. Quarry LP raised its position in shares of OPENLANE by 414.6% in the 4th quarter. Quarry LP now owns 2,182 shares of the specialty retailer's stock valued at $43,000 after buying an additional 1,758 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of OPENLANE by 435.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer's stock worth $51,000 after acquiring an additional 2,062 shares during the period. Johnson Financial Group Inc. acquired a new stake in shares of OPENLANE during the 4th quarter worth approximately $68,000. Finally, KBC Group NV increased its stake 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 acquiring an additional 1,798 shares during the last quarter. 99.76% of the stock is 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.