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

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

A number of other brokerages have also issued reports on KAR. Barrington Research restated an “outperform” rating and set a $25.00 target price on shares of OPENLANE in a research report on Friday. JPMorgan Chase & Co. raised 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. Finally, Stephens began coverage on shares of OPENLANE in a research report on Wednesday, January 22nd. They set an “equal weight” rating and a $20.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, OPENLANE has an average rating of “Moderate Buy” and an average target price of $21.60.

OPENLANE Stock Up 0.2 %

Shares of OPENLANE stock opened at $20.96 on Friday. The firm has a market capitalization of $2.24 billion, a P/E ratio of 39.54, a P/E/G ratio of 1.78 and a beta of 1.52. OPENLANE has a 52 week low of $14.45 and a 52 week high of $21.93. The firm’s 50 day moving average is $20.39 and its two-hundred day moving average is $18.56.

OPENLANE (NYSE:KAR) last announced its earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The business had revenue of $455.00 million for the quarter, compared to analyst estimates of $416.64 million. OPENLANE had a net margin of 6.27% and a return on equity of 9.23%. As a group, research analysts expect that OPENLANE will post 0.95 earnings per share for the current fiscal year.

Institutional Investors Weigh In On OPENLANE

Several hedge funds have recently modified their holdings of the stock. Burgundy Asset Management Ltd. lifted its holdings in shares of OPENLANE by 1.7% during the fourth quarter. Burgundy Asset Management Ltd. now owns 9,278,497 shares of the specialty retailer’s stock worth $184,085,000 after purchasing an additional 153,975 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of 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 worth $6,737,000 after purchasing an additional 70,083 shares during the period. iSAM Funds UK Ltd acquired a new stake in OPENLANE in the fourth quarter valued at $291,000. Squarepoint Ops LLC acquired a new stake in OPENLANE in the fourth quarter valued at $248,000. Finally, Two Sigma Advisers LP lifted its holdings in OPENLANE by 40.3% in the fourth quarter. Two Sigma Advisers LP now owns 89,500 shares of the specialty retailer’s stock valued at $1,776,000 after acquiring an additional 25,700 shares during the period. 99.76% of the stock is owned by institutional investors and hedge funds.

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.