OPENLANE (NYSE:KAR) Price Target Raised to $23.00

OPENLANE (NYSE:KAR) had its price target hoisted by JPMorgan Chase & Co. from $21.00 to $23.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the specialty retailer’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 17.35% from the company’s previous close.

Separately, Barrington Research reaffirmed an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a report on Monday, November 4th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, OPENLANE currently has a consensus rating of “Moderate Buy” and an average target price of $20.20.

OPENLANE Trading Down 1.4 %

Shares of NYSE KAR opened at $19.60 on Wednesday. The stock has a market cap of $2.09 billion, a P/E ratio of 75.38, a P/E/G ratio of 1.90 and a beta of 1.44. OPENLANE has a twelve month low of $12.86 and a twelve month high of $20.45. The stock has a 50 day moving average of $16.91 and a two-hundred day moving average of $17.08.

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

Insider Buying and Selling

In other news, CFO Brad S. Lakhia purchased 4,985 shares of the firm’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 purchase, the chief financial officer now owns 14,303 shares of the company’s stock, valued at approximately $286,918.18. This trade represents a 53.50 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.32% of the company’s stock.

Institutional Investors Weigh In On OPENLANE

Several institutional investors and hedge funds have recently bought and sold shares of the business. Verdence Capital Advisors LLC grew its position in shares of OPENLANE by 5.3% during the third quarter. Verdence Capital Advisors LLC now owns 15,822 shares of the specialty retailer’s stock worth $267,000 after acquiring an additional 793 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of OPENLANE by 1.9% in the second quarter. Louisiana State Employees Retirement System now owns 54,500 shares of the specialty retailer’s stock valued at $904,000 after purchasing an additional 1,000 shares during the period. Fifth Third Bancorp raised its holdings 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 last quarter. State of New Jersey Common Pension Fund D boosted its position in shares of OPENLANE by 0.9% during 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 buying an additional 1,018 shares during the period. Finally, ProShare Advisors LLC grew its holdings in OPENLANE by 6.4% in the 1st quarter. ProShare Advisors LLC now owns 21,562 shares of the specialty retailer’s stock worth $373,000 after buying an additional 1,290 shares in the last quarter. Institutional investors and hedge funds own 99.76% of the company’s stock.

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.