OPENLANE (NYSE:KAR) Hits New 12-Month High – What’s Next?

Shares of OPENLANE, Inc. (NYSE:KAR) reached a new 52-week high during trading on Monday . The stock traded as high as $22.47 and last traded at $22.64, with a volume of 263 shares. The stock had previously closed at $21.96.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. cut shares of OPENLANE from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $23.00 to $20.00 in a report on Thursday, March 27th. Stephens raised shares of OPENLANE from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $20.00 to $26.00 in a research note on Friday, February 28th. StockNews.com raised OPENLANE from a “hold” rating to a “buy” rating in a research note on Friday, May 9th. Finally, Barrington Research restated an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research report on Friday, February 21st.

OPENLANE Stock Performance

The company has a 50 day simple moving average of $19.59 and a 200 day simple moving average of $19.90. The company has a market capitalization of $2.40 billion, a PE ratio of 42.15, a price-to-earnings-growth ratio of 1.85 and a beta of 1.32.

OPENLANE (NYSE:KAR) last released its quarterly earnings data on Wednesday, May 7th. The specialty retailer reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.07. The firm had revenue of $460.10 million for the quarter, compared to analysts’ expectations of $445.70 million. OPENLANE had a return on equity of 9.20% and a net margin of 6.27%. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.19 earnings per share. As a group, equities research analysts anticipate that OPENLANE, Inc. will post 0.95 EPS for the current year.

Insider Transactions at OPENLANE

In other OPENLANE news, EVP James P. Coyle sold 7,000 shares of the company’s stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $21.72, for a total value of $152,040.00. Following the completion of the transaction, the executive vice president now directly owns 36,511 shares of the company’s stock, valued at $793,018.92. This represents a 16.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.51% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC grew its stake in OPENLANE by 19.8% in the 1st quarter. Nisa Investment Advisors LLC now owns 3,575 shares of the specialty retailer’s stock valued at $69,000 after buying an additional 590 shares during the last quarter. Kathmere Capital Management LLC raised its position in shares of OPENLANE by 2.6% in the first quarter. Kathmere Capital Management LLC now owns 39,400 shares of the specialty retailer’s stock valued at $760,000 after purchasing an additional 1,000 shares during the period. CWM LLC grew its stake in OPENLANE by 34.5% during the first quarter. CWM LLC now owns 4,198 shares of the specialty retailer’s stock worth $81,000 after buying an additional 1,077 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of OPENLANE by 9.6% in the 4th quarter. Bank of Montreal Can now owns 13,268 shares of the specialty retailer’s stock valued at $263,000 after purchasing an additional 1,161 shares in the last quarter. Finally, Two Sigma Investments LP raised its holdings in OPENLANE by 1.1% in the 4th quarter. Two Sigma Investments LP now owns 126,451 shares of the specialty retailer’s stock valued at $2,509,000 after buying an additional 1,339 shares during the last quarter. 99.76% of the stock is currently owned by institutional investors.

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.