OPENLANE (NYSE:KAR) Hits New 12-Month High – Here’s Why

OPENLANE, Inc. (NYSE:KAR) reached a new 52-week high during trading on Monday . The company traded as high as $21.51 and last traded at $21.34, with a volume of 562685 shares traded. The stock had previously closed at $20.67.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on KAR shares. Barrington Research restated an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research note on Monday, November 4th. StockNews.com downgraded OPENLANE from a “buy” rating to a “hold” rating in a research note on Sunday, January 19th. Stephens began coverage on OPENLANE in a research report on Wednesday, January 22nd. They set an “equal weight” rating and a $20.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their price target on shares of OPENLANE from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $21.60.

OPENLANE Trading Down 3.2 %

The business has a 50 day moving average of $20.38 and a 200-day moving average of $18.41. The firm has a market capitalization of $2.18 billion, a P/E ratio of 78.66, a PEG ratio of 1.84 and a beta of 1.52.

Institutional Trading of OPENLANE

Several institutional investors and hedge funds have recently bought and sold shares of KAR. Smartleaf Asset Management LLC raised its stake in OPENLANE by 435.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,535 shares of the specialty retailer’s stock worth $51,000 after purchasing an additional 2,062 shares in the last quarter. KBC Group NV grew its holdings in OPENLANE by 51.1% during the 4th quarter. KBC Group NV now owns 5,314 shares of the specialty retailer’s stock worth $105,000 after acquiring an additional 1,798 shares during the period. Pacer Advisors Inc. acquired a new position in OPENLANE in the fourth quarter valued at approximately $187,000. Creative Planning acquired a new stake in OPENLANE in the third quarter worth $193,000. Finally, Versor Investments LP bought a new stake in OPENLANE in the 4th quarter valued at about $254,000. 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.