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

OPENLANE (NYSE:KAR) released its quarterly earnings data on Wednesday. The specialty retailer reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.02), Briefing.com reports. The firm had revenue of $416.30 million for the quarter, compared to the consensus estimate of $425.19 million. OPENLANE had a positive return on equity of 8.54% and a negative net margin of 9.04%. The firm’s revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the business 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 KAR traded up $0.11 during midday trading on Friday, reaching $17.69. The stock had a trading volume of 1,010,292 shares, compared to its average volume of 768,725. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.15 and a current ratio of 1.15. The firm has a 50 day simple moving average of $16.66 and a 200-day simple moving average of $15.20. OPENLANE has a one year low of $12.86 and a one year high of $17.85.

Insider Activity at OPENLANE

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on KAR shares. Bank of America raised OPENLANE from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $16.00 to $20.00 in a research report on Wednesday, April 10th. Robert W. Baird increased their price objective on shares of OPENLANE from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $25.00 price objective on shares of OPENLANE in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, OPENLANE has an average rating of “Moderate Buy” and a consensus 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.