JPMorgan Chase & Co. Issues Positive Forecast for OPENLANE (NYSE:KAR) Stock Price

OPENLANE (NYSE:KAR) had its price target lifted by research analysts at JPMorgan Chase & Co. from $21.00 to $23.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the specialty retailer’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 17.35% from the company’s current price.

Separately, Barrington Research reaffirmed an “outperform” rating and issued a $25.00 price objective on shares of OPENLANE in a research note on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $20.20.

OPENLANE Stock Down 1.4 %

NYSE:KAR opened at $19.60 on Wednesday. The business’s 50-day moving average price is $16.91 and its 200 day moving average price is $17.08. OPENLANE has a 52-week low of $12.86 and a 52-week high of $20.45. The firm has a market cap of $2.09 billion, a P/E ratio of 75.38, a PEG ratio of 1.90 and a beta of 1.44.

OPENLANE (NYSE:KAR) last released its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.04. OPENLANE had a return on equity of 8.67% and a net margin of 4.26%. The business had revenue of $448.00 million during the quarter, compared to analyst estimates of $431.68 million. During the same period last year, the company posted $0.18 EPS. The company’s revenue was up 7.6% compared to the same quarter last year. Sell-side analysts expect that OPENLANE will post 0.85 EPS for the current year.

Insider Transactions at OPENLANE

In other news, CFO Brad S. Lakhia acquired 4,985 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was acquired at an average cost of $20.06 per share, for a total transaction of $99,999.10. Following the completion of the acquisition, the chief financial officer now owns 14,303 shares in the company, valued at approximately $286,918.18. The trade was a 53.50 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.32% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of KAR. Fifth Third Bancorp lifted its holdings in shares of OPENLANE by 175.5% during the 2nd 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 last quarter. Quarry LP grew its position in OPENLANE by 201.4% in the second quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock worth $39,000 after acquiring an additional 1,587 shares in the last quarter. Innealta Capital LLC bought a new stake in OPENLANE in the second quarter worth approximately $81,000. Creative Planning acquired a new position in shares of OPENLANE during the 3rd quarter worth $193,000. Finally, MQS Management LLC bought a new position in shares of OPENLANE during the 2nd quarter valued at $204,000. 99.76% of the stock is owned by institutional investors and hedge funds.

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.