OPENLANE (NYSE:KAR) Downgraded by JPMorgan Chase & Co. to “Neutral”

JPMorgan Chase & Co. cut shares of OPENLANE (NYSE:KAR) from an overweight rating to a neutral rating in a research note released on Thursday morning, MarketBeat reports. JPMorgan Chase & Co. currently has $20.00 price objective on the specialty retailer’s stock, down from their previous price objective of $23.00.

Several other brokerages have also recently commented on KAR. Stephens upgraded shares of OPENLANE from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $20.00 to $26.00 in a research note on Friday, February 28th. Barrington Research reissued an “outperform” rating and set a $25.00 target price on shares of OPENLANE in a report on Friday, February 21st. Finally, StockNews.com raised shares of OPENLANE from a “hold” rating to a “buy” rating in a report on Thursday, March 20th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.20.

OPENLANE Price Performance

NYSE KAR opened at $19.38 on Thursday. The company has a market cap of $2.07 billion, a price-to-earnings ratio of 36.57, a PEG ratio of 1.85 and a beta of 1.53. The stock’s fifty day moving average price is $20.80 and its 200 day moving average price is $19.21. OPENLANE has a 1 year low of $15.44 and a 1 year high of $22.47.

OPENLANE (NYSE:KAR) last announced its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The business had revenue of $455.00 million for the quarter, compared to analyst estimates of $416.64 million. Research analysts expect that OPENLANE will post 0.95 earnings per share for the current year.

Hedge Funds Weigh In On OPENLANE

Several institutional investors have recently made changes to their positions in the company. Brown Advisory Inc. purchased a new position in OPENLANE during the fourth quarter worth approximately $43,941,000. Kimelman & Baird LLC acquired a new position in shares of OPENLANE during the 4th quarter worth approximately $15,793,000. TFJ Management LLC purchased a new position in shares of OPENLANE during the 4th quarter valued at approximately $14,465,000. Advisory Research Inc. purchased a new position in shares of OPENLANE during the 4th quarter valued at approximately $9,761,000. Finally, Nuveen Asset Management LLC grew its stake in OPENLANE by 148.1% in the 4th quarter. Nuveen Asset Management LLC now owns 805,461 shares of the specialty retailer’s stock valued at $15,980,000 after acquiring an additional 480,804 shares during the period. 99.76% of the stock is owned by hedge funds and other institutional investors.

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.