Robert W. Baird Increases OPENLANE (NYSE:KAR) Price Target to $20.00

OPENLANE (NYSE:KAR) had its price target lifted by investment analysts at Robert W. Baird from $18.00 to $20.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the specialty retailer’s stock. Robert W. Baird’s price objective indicates a potential upside of 13.06% from the company’s previous close.

Several other equities analysts have also weighed in on the stock. Barrington Research reaffirmed an “outperform” rating and set a $25.00 target price on shares of OPENLANE in a report on Wednesday, February 21st. Bank of America raised shares of OPENLANE from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $16.00 to $20.00 in a report on Wednesday, April 10th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $19.60.

OPENLANE Stock Up 0.6 %

KAR traded up $0.11 during midday trading on Thursday, hitting $17.69. 1,010,760 shares of the company were exchanged, compared to its average volume of 928,867. The company’s 50 day simple moving average is $16.72 and its 200 day simple moving average is $15.23. OPENLANE has a 1-year low of $12.86 and a 1-year high of $17.85. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.15 and a quick ratio of 1.15.

OPENLANE (NYSE:KAR) last issued its earnings results on Wednesday, May 1st. The specialty retailer reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.02). The company had revenue of $416.30 million during the quarter, compared to analysts’ expectations of $425.19 million. OPENLANE had a positive return on equity of 8.53% and a negative net margin of 9.04%. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.12 EPS. Equities research analysts expect that OPENLANE will post 0.83 earnings per share for the current fiscal year.

Insider Activity at OPENLANE

In related news, CEO Peter J. Kelly bought 10,000 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was acquired at an average price of $14.87 per share, with a total value of $148,700.00. Following the completion of the purchase, the chief executive officer now directly owns 323,355 shares of the company’s stock, valued at $4,808,288.85. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider James E. Money II sold 14,822 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $15.83, for a total value of $234,632.26. Following the completion of the sale, the insider now directly owns 44,604 shares in the company, valued at $706,081.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Peter J. Kelly purchased 10,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was acquired at an average cost of $14.87 per share, for a total transaction of $148,700.00. Following the completion of the purchase, the chief executive officer now owns 323,355 shares of the company’s stock, valued at approximately $4,808,288.85. The disclosure for this purchase can be found here. 2.74% of the stock is owned by corporate insiders.

Institutional Trading of OPENLANE

Large investors have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new stake in OPENLANE in the 3rd quarter valued at $863,000. New York State Teachers Retirement System boosted its position in shares of OPENLANE by 3.0% during the 3rd quarter. New York State Teachers Retirement System now owns 60,532 shares of the specialty retailer’s stock valued at $903,000 after acquiring an additional 1,765 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of OPENLANE by 32.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,716 shares of the specialty retailer’s stock valued at $264,000 after purchasing an additional 4,370 shares during the period. Roubaix Capital LLC purchased a new position in OPENLANE during the third quarter worth about $1,889,000. Finally, Allspring Global Investments Holdings LLC raised its stake in OPENLANE by 51.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,443 shares of the specialty retailer’s stock worth $51,000 after purchasing an additional 1,171 shares during the period. 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.