Openlane (NYSE:OPLN) Stock Price Down 2.8% – What’s Next?

Openlane (NYSE:OPLN) traded down 2.8% during mid-day trading on Thursday . The company traded as low as $27.45 and last traded at $27.88. 1,257,755 shares changed hands during trading, an increase of 75% from the average session volume of 720,399 shares. The stock had previously closed at $28.68.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Stephens lifted their price target on shares of Openlane from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Zacks Research lowered Openlane from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 20th. JPMorgan Chase & Co. decreased their target price on Openlane from $29.00 to $28.00 and set a “neutral” rating for the company in a research note on Friday, January 16th. Barclays raised their price target on Openlane from $32.00 to $34.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 21st. Finally, Weiss Ratings began coverage on Openlane in a research report on Thursday, January 15th. They issued a “buy (b-)” rating for the company. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

Openlane Stock Down 2.8%

The firm has a market cap of $2.96 billion, a P/E ratio of 32.05, a PEG ratio of 1.29 and a beta of 1.24.

Hedge Funds Weigh In On Openlane

Several hedge funds have recently made changes to their positions in the business. Salomon & Ludwin LLC acquired a new stake in shares of Openlane in the fourth quarter valued at approximately $26,000. First Horizon Corp bought a new position in Openlane in the fourth quarter valued at $27,000. Allworth Financial LP acquired a new stake in Openlane in the 4th quarter valued at $38,000. Nomura Asset Management Co. Ltd. acquired a new stake in Openlane in the 4th quarter valued at $39,000. Finally, Fifth Third Bancorp bought a new stake in Openlane during the 4th quarter worth about $40,000. 99.76% of the stock is owned by institutional investors.

Openlane Company Profile

Openlane, Inc operates a digital wholesale vehicle marketplace that facilitates the remarketing of used vehicles for commercial consignors and retail dealers. The company provides an online auction platform that enables buyers and sellers to transact in real time, connecting franchised and independent dealers, fleet operators, rental companies, manufacturers and financial institutions. Its marketplace focuses on vehicles from lease returns, fleet and commercial fleets, repossessions and dealer trade-ins.

In addition to the core auction and listing services, Openlane offers a suite of remarketing support services designed to simplify the end-to-end sale process.