OPENLANE (NYSE:KAR) Cut to “Neutral” at JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of OPENLANE (NYSE:KAR) from an overweight rating to a neutral rating in a research report report published on Thursday morning, Marketbeat Ratings reports. They currently have $20.00 target price on the specialty retailer’s stock, down from their prior target price of $23.00.

Several other research analysts also recently commented on the company. StockNews.com raised OPENLANE from a “hold” rating to a “buy” rating in a research report on Thursday, March 20th. Stephens upgraded shares of OPENLANE from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $20.00 to $26.00 in a research note on Friday, February 28th. Finally, Barrington Research restated an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research report on Friday, February 21st. Three 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 currently has a consensus rating of “Moderate Buy” and an average target price of $22.20.

OPENLANE Stock Down 0.4 %

NYSE:KAR opened at $19.27 on Thursday. The company’s 50 day moving average is $20.78 and its 200-day moving average is $19.25. OPENLANE has a 12 month low of $15.44 and a 12 month high of $22.47. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of 36.35, a P/E/G ratio of 1.85 and a beta of 1.53.

OPENLANE (NYSE:KAR) last announced its earnings results on Wednesday, February 19th. The specialty retailer reported $0.21 EPS for the quarter, topping the consensus estimate of $0.20 by $0.01. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. The firm had revenue of $455.00 million for the quarter, compared to the consensus estimate of $416.64 million. Research analysts predict that OPENLANE will post 0.95 EPS for the current fiscal year.

Institutional Investors Weigh In On OPENLANE

Institutional investors have recently bought and sold shares of the business. Raymond James Financial Inc. bought a new position in shares of OPENLANE during the 4th quarter worth about $5,822,000. Hillsdale Investment Management Inc. bought a new position in OPENLANE during the fourth quarter worth about $4,115,000. Geode Capital Management LLC lifted its stake in OPENLANE by 1.4% during the third quarter. Geode Capital Management LLC now owns 2,475,741 shares of the specialty retailer’s stock worth $41,799,000 after purchasing an additional 35,214 shares during the period. Versor Investments LP acquired a new stake in OPENLANE during the fourth quarter valued at approximately $254,000. Finally, Barclays PLC grew its stake in shares of OPENLANE by 344.7% in the 3rd quarter. Barclays PLC now owns 178,964 shares of the specialty retailer’s stock valued at $3,022,000 after purchasing an additional 138,720 shares during the period. Institutional investors and hedge funds 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.