OPENLANE (NYSE:KAR) Lowered to Hold Rating by StockNews.com

OPENLANE (NYSE:KAR) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Sunday.

KAR has been the topic of several other research reports. Barrington Research reiterated an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research report on Monday, November 4th. JPMorgan Chase & Co. raised their price objective on OPENLANE from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, OPENLANE has an average rating of “Moderate Buy” and an average price target of $22.00.

OPENLANE Trading Down 0.5 %

NYSE KAR opened at $20.09 on Friday. The company has a 50 day moving average of $20.15 and a 200-day moving average of $18.04. OPENLANE has a 1-year low of $12.86 and a 1-year high of $20.85. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 77.26, a PEG ratio of 1.75 and a beta of 1.52.

OPENLANE (NYSE:KAR) last released its earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. The company had revenue of $448.00 million for the quarter, compared to analyst estimates of $431.68 million. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. OPENLANE’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.18 EPS. On average, equities research analysts forecast that OPENLANE will post 0.84 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Brad S. Lakhia acquired 4,985 shares of OPENLANE stock in a transaction dated Wednesday, November 13th. The shares were bought at an average cost of $20.06 per share, with a total value of $99,999.10. Following the purchase, the chief financial officer now owns 14,303 shares in the company, valued at $286,918.18. This trade represents a 53.50 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On OPENLANE

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in shares of OPENLANE by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,143,903 shares of the specialty retailer’s stock worth $118,517,000 after acquiring an additional 50,773 shares in the last quarter. Renaissance Technologies LLC bought a new stake in OPENLANE in the second quarter worth approximately $3,243,000. Edgestream Partners L.P. acquired a new position in OPENLANE in the second quarter valued at approximately $583,000. MQS Management LLC bought a new position in shares of OPENLANE during the 2nd quarter worth approximately $204,000. Finally, Public Sector Pension Investment Board grew its position in shares of OPENLANE by 7.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 238,336 shares of the specialty retailer’s stock worth $3,954,000 after buying an additional 16,929 shares during the period. 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.