Analysts Set OPENLANE, Inc. (NYSE:KAR) Price Target at $21.60

Shares of OPENLANE, Inc. (NYSE:KAR) have earned an average recommendation of “Moderate Buy” from the five analysts that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $21.60.

A number of analysts have recently issued reports on KAR shares. JPMorgan Chase & Co. increased their price target 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. Stephens started coverage on shares of OPENLANE in a research report on Wednesday, January 22nd. They issued an “equal weight” rating and a $20.00 price target for the company. Barrington Research reissued an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research report on Friday, February 14th. Finally, StockNews.com upgraded OPENLANE from a “hold” rating to a “buy” rating in a report on Friday, February 14th.

Hedge Funds Weigh In On OPENLANE

A number of hedge funds have recently added to or reduced their stakes in the company. Burgundy Asset Management Ltd. increased its holdings in OPENLANE by 1.7% in the fourth quarter. Burgundy Asset Management Ltd. now owns 9,278,497 shares of the specialty retailer’s stock worth $184,085,000 after buying an additional 153,975 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in OPENLANE by 26.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 339,542 shares of the specialty retailer’s stock valued at $6,737,000 after purchasing an additional 70,083 shares during the last quarter. iSAM Funds UK Ltd acquired a new position in OPENLANE during the fourth quarter valued at approximately $291,000. Squarepoint Ops LLC acquired a new position in OPENLANE during the fourth quarter valued at approximately $248,000. Finally, Two Sigma Advisers LP grew its holdings in OPENLANE by 40.3% during the fourth quarter. Two Sigma Advisers LP now owns 89,500 shares of the specialty retailer’s stock valued at $1,776,000 after purchasing an additional 25,700 shares during the last quarter. Institutional investors and hedge funds own 99.76% of the company’s stock.

OPENLANE Price Performance

NYSE KAR opened at $20.08 on Friday. The company has a 50 day simple moving average of $20.40 and a 200-day simple moving average of $18.48. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of 77.23, a price-to-earnings-growth ratio of 1.84 and a beta of 1.52. OPENLANE has a 52-week low of $12.86 and a 52-week high of $21.51.

About OPENLANE

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.