OPENLANE (NYSE:KAR) Releases Earnings Results, Misses Expectations By $0.02 EPS

OPENLANE (NYSE:KAR) posted its quarterly earnings data on Wednesday. The specialty retailer reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.02), Briefing.com reports. The company had revenue of $416.30 million for the quarter, compared to analyst estimates of $425.19 million. OPENLANE had a negative net margin of 9.04% and a positive return on equity of 8.53%. The business’s revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.12 EPS. OPENLANE updated its FY24 guidance to $0.77-0.87 EPS and its FY 2024 guidance to 0.770-0.870 EPS.

OPENLANE Trading Up 0.6 %

Shares of NYSE KAR traded up $0.11 during trading on Friday, reaching $17.69. 1,010,760 shares of the company traded hands, compared to its average volume of 928,867. The firm’s fifty day simple moving average is $16.72 and its 200 day simple moving average is $15.23. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.15 and a current ratio of 1.15. OPENLANE has a 12-month low of $12.86 and a 12-month high of $17.85.

Insider Transactions at OPENLANE

In related news, CEO Peter J. Kelly purchased 10,000 shares of OPENLANE stock in a transaction that occurred on Monday, February 26th. The stock was bought at an average cost of $14.87 per share, for a total transaction of $148,700.00. Following the completion of the transaction, the chief executive officer now owns 323,355 shares in the company, valued at $4,808,288.85. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 transaction of $234,632.26. Following the sale, the insider now directly owns 44,604 shares of the company’s stock, valued at approximately $706,081.32. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Peter J. Kelly purchased 10,000 shares of the business’s stock in a transaction that occurred on 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 purchase, the chief executive officer now owns 323,355 shares in the company, valued at $4,808,288.85. The disclosure for this purchase can be found here. Company insiders own 2.74% of the company’s stock.

Analyst Upgrades and Downgrades

KAR has been the topic of a number of recent analyst reports. Barrington Research restated an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research note on Thursday. Bank of America raised OPENLANE from an “underperform” rating to a “neutral” rating and upped their target price for the company from $16.00 to $20.00 in a research report on Wednesday, April 10th. Finally, Robert W. Baird lifted their price target on OPENLANE from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.60.

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.