OPENLANE (NYSE:KAR) Given New $23.00 Price Target at JPMorgan Chase & Co.

OPENLANE (NYSE:KAR) had its price objective increased by JPMorgan Chase & Co. from $21.00 to $23.00 in a report published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the specialty retailer’s stock.

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

OPENLANE Stock Up 0.3 %

Shares of OPENLANE stock opened at $19.66 on Wednesday. The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of 75.60, a PEG ratio of 1.87 and a beta of 1.44. The stock’s 50-day simple moving average is $16.99 and its 200-day simple moving average is $17.10. OPENLANE has a 52 week low of $12.86 and a 52 week high of $20.45.

OPENLANE (NYSE:KAR) last announced its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. 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 firm posted $0.18 EPS. The company’s revenue was up 7.6% on a year-over-year basis. On average, equities analysts expect that OPENLANE will post 0.85 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Brad S. Lakhia bought 4,985 shares of OPENLANE stock in a transaction dated Wednesday, November 13th. The shares were acquired at an average price of $20.06 per share, with a total value of $99,999.10. Following the completion of the purchase, 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 legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.32% of the company’s stock.

Institutional Trading of OPENLANE

A number of hedge funds and other institutional investors have recently bought and sold shares of KAR. Verdence Capital Advisors LLC increased its position in OPENLANE by 5.3% during the 3rd quarter. Verdence Capital Advisors LLC now owns 15,822 shares of the specialty retailer’s stock valued at $267,000 after purchasing an additional 793 shares during the period. Louisiana State Employees Retirement System increased its holdings in OPENLANE by 1.9% during the second quarter. Louisiana State Employees Retirement System now owns 54,500 shares of the specialty retailer’s stock valued at $904,000 after buying an additional 1,000 shares during the period. Fifth Third Bancorp raised its stake in OPENLANE by 175.5% in the second quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock worth $27,000 after buying an additional 1,018 shares in the last quarter. State of New Jersey Common Pension Fund D increased its holdings in shares of OPENLANE by 0.9% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 112,320 shares of the specialty retailer’s stock valued at $1,896,000 after acquiring an additional 1,018 shares during the period. Finally, ProShare Advisors LLC raised its position in shares of 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 acquiring an additional 1,290 shares in the last quarter. Hedge funds and other institutional investors own 99.76% of the company’s stock.

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.