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

OPENLANE (NYSE:KAR) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

KAR has been the topic of a number of other reports. JPMorgan Chase & Co. boosted their price target on OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Barrington Research reissued an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a report on Monday, November 4th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.00.

OPENLANE Stock Down 1.6 %

Shares of OPENLANE stock traded down $0.32 on Wednesday, hitting $19.98. The stock had a trading volume of 1,045,329 shares, compared to its average volume of 702,035. OPENLANE has a one year low of $12.86 and a one year high of $20.85. The stock’s 50-day simple moving average is $18.43 and its two-hundred day simple moving average is $17.47. The stock has a market cap of $2.13 billion, a price-to-earnings ratio of 76.85, a PEG ratio of 2.05 and a beta of 1.53.

OPENLANE (NYSE:KAR) last announced its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $448.00 million for the quarter, compared to analyst estimates of $431.68 million. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. The company’s revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 EPS. As a group, equities analysts predict that OPENLANE will post 0.84 EPS for the current fiscal year.

Insider Activity at OPENLANE

In related news, CFO Brad S. Lakhia acquired 4,985 shares of the stock in a transaction on Wednesday, November 13th. The stock was bought at an average cost of $20.06 per share, with a total value of $99,999.10. Following the transaction, the chief financial officer now directly owns 14,303 shares in the company, valued at approximately $286,918.18. This represents a 53.50 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 2.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On OPENLANE

A number of institutional investors have recently modified their holdings of the stock. Verdence Capital Advisors LLC grew its stake in OPENLANE by 5.3% in the third quarter. Verdence Capital Advisors LLC now owns 15,822 shares of the specialty retailer’s stock worth $267,000 after purchasing an additional 793 shares in the last quarter. Louisiana State Employees Retirement System grew its position in shares of OPENLANE by 1.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 54,500 shares of the specialty retailer’s stock worth $904,000 after buying an additional 1,000 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of OPENLANE by 175.5% during the second quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock valued at $27,000 after buying an additional 1,018 shares during the period. State of New Jersey Common Pension Fund D lifted its stake in OPENLANE by 0.9% in the third quarter. State of New Jersey Common Pension Fund D now owns 112,320 shares of the specialty retailer’s stock worth $1,896,000 after acquiring an additional 1,018 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in OPENLANE by 2.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 54,254 shares of the specialty retailer’s stock worth $900,000 after acquiring an additional 1,450 shares in the last quarter. 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.