OPENLANE (NYSE:KAR) Reaches New 52-Week High Following Strong Earnings

OPENLANE, Inc. (NYSE:KAR)’s stock price hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $21.93 and last traded at $20.68, with a volume of 148496 shares. The stock had previously closed at $20.07.

The specialty retailer reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.01. The firm had revenue of $455.00 million during the quarter, compared to analysts’ expectations of $416.64 million. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%.

Analysts Set New Price Targets

KAR has been the subject of several research analyst reports. StockNews.com upgraded OPENLANE from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Stephens initiated coverage on OPENLANE in a research report on Wednesday, January 22nd. They issued an “equal weight” rating and a $20.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report 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 report on Friday, February 14th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $21.60.

Hedge Funds Weigh In On OPENLANE

Large investors have recently modified their holdings of the company. Clifford Capital Partners LLC purchased a new position in shares of OPENLANE in the 3rd quarter worth about $10,309,000. Geode Capital Management LLC raised its holdings 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 worth $41,799,000 after purchasing an additional 35,214 shares during the period. Barclays PLC raised its holdings in shares of OPENLANE by 344.7% in the 3rd quarter. Barclays PLC now owns 178,964 shares of the specialty retailer’s stock worth $3,022,000 after purchasing an additional 138,720 shares during the period. Guidance Capital Inc. purchased a new position in shares of OPENLANE in the 4th quarter worth about $472,000. Finally, River Road Asset Management LLC raised its holdings in shares of OPENLANE by 15.3% in 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 purchasing an additional 671,104 shares during the period. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

OPENLANE Stock Performance

The business has a fifty day moving average price of $20.38 and a 200 day moving average price of $18.53. The company has a market capitalization of $2.24 billion, a PE ratio of 80.48, a P/E/G ratio of 1.78 and a beta of 1.52.

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.