OPENLANE (NYSE:KAR) Hits New 1-Year High – Here’s What Happened

Shares of OPENLANE, Inc. (NYSE:KAR) reached a new 52-week high during trading on Friday . The stock traded as high as $20.71 and last traded at $20.41, with a volume of 31389 shares traded. The stock had previously closed at $20.25.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Barrington Research reaffirmed an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research note on Monday, November 4th. JPMorgan Chase & Co. boosted their target price on shares of OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th.

OPENLANE Stock Down 0.2 %

The stock has a fifty day simple moving average of $17.83 and a 200-day simple moving average of $17.29. The company has a market capitalization of $2.16 billion, a P/E ratio of 77.70, a PEG ratio of 2.00 and a beta of 1.53.

OPENLANE (NYSE:KAR) last posted its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.04. The firm had revenue of $448.00 million during the quarter, compared to analysts’ expectations of $431.68 million. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. OPENLANE’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.18 EPS. Analysts predict that OPENLANE, Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Activity

In other OPENLANE news, CFO Brad S. Lakhia acquired 4,985 shares of the stock in a transaction dated Wednesday, November 13th. The shares were bought at an average cost of $20.06 per share, for a total transaction of $99,999.10. Following the completion of the acquisition, the chief financial officer now directly owns 14,303 shares of the company’s stock, valued at approximately $286,918.18. This trade represents a 53.50 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On OPENLANE

Several large investors have recently made changes to their positions in KAR. Burgundy Asset Management Ltd. raised its position in shares of OPENLANE by 1.7% in the second quarter. Burgundy Asset Management Ltd. now owns 8,921,967 shares of the specialty retailer’s stock valued at $148,015,000 after purchasing an additional 146,266 shares during the period. Dimensional Fund Advisors LP raised its position in OPENLANE by 0.7% during the second quarter. Dimensional Fund Advisors LP now owns 7,143,903 shares of the specialty retailer’s stock valued at $118,517,000 after purchasing an additional 50,773 shares in the last quarter. River Road Asset Management LLC lifted its position in shares of OPENLANE by 15.3% during the 3rd quarter. River Road Asset Management LLC now owns 5,045,087 shares of the specialty retailer’s stock worth $85,161,000 after buying an additional 671,104 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of 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 purchasing an additional 35,214 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of OPENLANE by 0.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,759,952 shares of the specialty retailer’s stock worth $29,708,000 after buying an additional 6,469 shares during the last quarter. Institutional investors and hedge funds 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.