OPENLANE (NYSE:KAR) Updates FY24 Earnings Guidance

OPENLANE (NYSE:KAR) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $0.77-0.87 for the period, compared to the consensus EPS estimate of $0.81.

Wall Street Analysts Forecast Growth

KAR has been the topic of several research reports. Barrington Research reissued an outperform rating and set a $25.00 price objective on shares of OPENLANE in a research report on Monday. Bank of America upgraded OPENLANE from an underperform rating to a neutral rating and boosted their price target for the company from $16.00 to $20.00 in a research report on Wednesday, April 10th. Finally, Robert W. Baird boosted their target price on OPENLANE from $18.00 to $20.00 and gave the company an outperform rating in a report on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, OPENLANE currently has an average rating of Moderate Buy and a consensus target price of $19.60.

OPENLANE Price Performance

KAR stock traded down $0.25 during trading on Wednesday, reaching $16.72. 592,047 shares of the company were exchanged, compared to its average volume of 720,367. OPENLANE has a 52-week low of $12.86 and a 52-week high of $18.73. The company has a market cap of $1.81 billion, a P/E ratio of -9.48, a PEG ratio of 1.20 and a beta of 1.44. The stock’s 50 day moving average price is $17.11 and its 200 day moving average price is $16.54. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.15 and a current ratio of 1.15.

Insider Buying and Selling at OPENLANE

In other news, EVP James P. Coyle sold 6,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $18.09, for a total value of $108,540.00. Following the sale, the executive vice president now directly owns 23,885 shares in the company, valued at $432,079.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.32% of the stock is owned by corporate insiders.

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.