OPENLANE (NYSE:KAR) Reaches New 1-Year High on Strong Earnings

OPENLANE, Inc. (NYSE:KAR)’s stock price hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock 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 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 period last year, the firm earned $0.18 EPS. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year.

Wall Street Analyst Weigh In

Separately, Barrington Research reaffirmed an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a research note on Monday.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Fifth Third Bancorp lifted its stake in OPENLANE by 175.5% in the second quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock valued at $27,000 after acquiring an additional 1,018 shares during the last quarter. Quarry LP lifted its stake in OPENLANE by 201.4% in the 2nd quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock valued at $39,000 after purchasing an additional 1,587 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of OPENLANE in the 2nd quarter worth approximately $81,000. Creative Planning bought a new position in shares of OPENLANE during the 3rd quarter worth approximately $193,000. Finally, MQS Management LLC acquired a new stake in OPENLANE in the second quarter valued at approximately $204,000. 99.76% of the stock is currently owned by institutional investors.

OPENLANE Trading Up 11.9 %

The stock has a market capitalization of $2.13 billion, a P/E ratio of 130.43, a price-to-earnings-growth ratio of 1.70 and a beta of 1.44. The business has a fifty day simple moving average of $16.43 and a 200 day simple moving average of $16.95.

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.