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

OPENLANE (NYSE:KAR) had its price target boosted by research analysts at JPMorgan Chase & Co. from $21.00 to $23.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the specialty retailer’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 15.93% from the company’s previous close.

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

OPENLANE Stock Up 0.9 %

Shares of KAR opened at $19.84 on Wednesday. OPENLANE has a 12-month low of $12.86 and a 12-month high of $20.45. The business’s fifty day moving average is $16.99 and its 200 day moving average is $17.10. The stock has a market cap of $2.12 billion, a P/E ratio of 76.31, a P/E/G ratio of 1.87 and a beta of 1.44.

OPENLANE (NYSE:KAR) last issued its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $431.68 million. During the same period last year, the business earned $0.18 EPS. The business’s revenue was up 7.6% on a year-over-year basis. On average, analysts expect that OPENLANE will post 0.85 EPS for the current year.

Insider Activity

In other news, CFO Brad S. Lakhia acquired 4,985 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was bought at an average price of $20.06 per share, with a total value of $99,999.10. Following the acquisition, the chief financial officer now owns 14,303 shares in the company, valued at $286,918.18. The trade was a 53.50 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.32% of the company’s stock.

Institutional Investors Weigh In On OPENLANE

Large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC purchased a new stake in OPENLANE in the 2nd quarter worth about $3,243,000. Burgundy Asset Management Ltd. grew its holdings in OPENLANE by 1.7% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 8,921,967 shares of the specialty retailer’s stock valued at $148,015,000 after buying an additional 146,266 shares in the last quarter. Raymond James & Associates grew its holdings in OPENLANE by 293.5% during the 2nd quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer’s stock valued at $4,034,000 after buying an additional 181,364 shares in the last quarter. River Road Asset Management LLC grew its holdings in OPENLANE by 15.3% during the 3rd quarter. River Road Asset Management LLC now owns 5,045,087 shares of the specialty retailer’s stock valued at $85,161,000 after buying an additional 671,104 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in OPENLANE by 96.3% during the 2nd quarter. SG Americas Securities LLC now owns 16,072 shares of the specialty retailer’s stock valued at $267,000 after buying an additional 7,886 shares in the last quarter. Hedge funds and other institutional investors 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.