OPENLANE (NYSE:KAR) Trading Up 4.3% - Here's What Happened

OPENLANE, Inc. (NYSE:KAR - Get Free Report)'s share price shot up 4.3% during trading on Tuesday . The company traded as high as $20.08 and last traded at $20.10. 700,443 shares were traded during mid-day trading, a decline of 7% from the average session volume of 752,047 shares. The stock had previously closed at $19.28.

Analysts Set New Price Targets

KAR has been the topic of a number of recent research reports. StockNews.com cut shares of OPENLANE from a "buy" rating to a "hold" rating in a report on Friday, March 28th. Barrington Research reissued an "outperform" rating and issued a $25.00 price target on shares of OPENLANE in a report on Friday, February 21st. JPMorgan Chase & Co. downgraded OPENLANE from an "overweight" rating to a "neutral" rating and lowered their price objective for the stock from $23.00 to $20.00 in a research note on Thursday, March 27th. Finally, Stephens upgraded OPENLANE from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $20.00 to $26.00 in a research note on Friday, February 28th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, OPENLANE currently has an average rating of "Moderate Buy" and a consensus price target of $22.20.

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OPENLANE Stock Performance

The firm has a market capitalization of $1.93 billion, a P/E ratio of 33.98, a price-to-earnings-growth ratio of 1.85 and a beta of 1.38. The business has a fifty day moving average of $20.67 and a 200-day moving average of $19.36.

OPENLANE (NYSE:KAR - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.01. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. The business had revenue of $455.00 million during the quarter, compared to the consensus estimate of $416.64 million. On average, equities research analysts forecast that OPENLANE, Inc. will post 0.95 earnings per share for the current fiscal year.

Hedge Funds Weigh In On OPENLANE

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets lifted its stake in OPENLANE by 6.6% during the third quarter. BNP Paribas Financial Markets now owns 23,889 shares of the specialty retailer's stock valued at $403,000 after buying an additional 1,472 shares in the last quarter. Barclays PLC raised its stake in shares of OPENLANE by 344.7% in the 3rd quarter. Barclays PLC now owns 178,964 shares of the specialty retailer's stock valued at $3,022,000 after acquiring an additional 138,720 shares in the last quarter. Geode Capital Management LLC grew its stake in OPENLANE by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,475,741 shares of the specialty retailer's stock valued at $41,799,000 after buying an additional 35,214 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in OPENLANE by 8.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 139,502 shares of the specialty retailer's stock worth $2,355,000 after acquiring an additional 10,962 shares during the period. Finally, Carolina Wealth Advisors LLC lifted its position in OPENLANE by 3.7% during the 4th quarter. Carolina Wealth Advisors LLC now owns 41,912 shares of the specialty retailer's stock worth $832,000 after acquiring an additional 1,477 shares during the last quarter. 99.76% of the stock is owned by institutional investors.

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.