OPENLANE (NYSE:KAR) Upgraded at StockNews.com

StockNews.com upgraded shares of OPENLANE (NYSE:KAR) from a hold rating to a buy rating in a report published on Friday.

A number of other research firms have also weighed in on KAR. Stephens assumed coverage on shares of OPENLANE in a research note on Wednesday, January 22nd. They issued an “equal weight” rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. increased their price objective on shares of OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Finally, Barrington Research reiterated an “outperform” rating and issued a $25.00 price objective on shares of OPENLANE in a research note on Friday. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, OPENLANE has a consensus rating of “Moderate Buy” and an average target price of $21.60.

OPENLANE Price Performance

KAR stock opened at $20.61 on Friday. The company has a market capitalization of $2.20 billion, a P/E ratio of 79.25, a price-to-earnings-growth ratio of 1.84 and a beta of 1.52. OPENLANE has a 12 month low of $12.86 and a 12 month high of $21.51. The firm’s fifty day simple moving average is $20.40 and its 200-day simple moving average is $18.46.

Institutional Trading of OPENLANE

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board acquired a new stake in OPENLANE during the fourth quarter valued at $34,000. Quarry LP lifted its holdings in OPENLANE by 414.6% during the fourth quarter. Quarry LP now owns 2,182 shares of the specialty retailer’s stock valued at $43,000 after purchasing an additional 1,758 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in OPENLANE by 435.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer’s stock valued at $51,000 after purchasing an additional 2,062 shares in the last quarter. Johnson Financial Group Inc. purchased a new position in OPENLANE during the fourth quarter valued at $68,000. Finally, KBC Group NV lifted its holdings in OPENLANE by 51.1% during the fourth quarter. KBC Group NV now owns 5,314 shares of the specialty retailer’s stock valued at $105,000 after purchasing an additional 1,798 shares in 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.