OPENLANE (NYSE:KAR) Issues FY24 Earnings Guidance

OPENLANE (NYSE:KAR) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $0.81-$0.87 for the period, compared to the consensus estimate of $0.79. OPENLANE also updated its FY 2024 guidance to 0.810-0.870 EPS.

OPENLANE Trading Up 6.3 %

Shares of NYSE:KAR traded up $1.04 on Wednesday, hitting $17.47. The company had a trading volume of 931,953 shares, compared to its average volume of 695,119. The company has a market cap of $1.90 billion, a PE ratio of 109.47, a PEG ratio of 1.67 and a beta of 1.44. OPENLANE has a 52-week low of $12.86 and a 52-week high of $18.73. The business has a 50 day moving average of $16.38 and a 200 day moving average of $16.93.

OPENLANE (NYSE:KAR) last released its earnings results on Wednesday, August 7th. The specialty retailer reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.02). The firm had revenue of $431.80 million during the quarter, compared to analysts’ expectations of $426.11 million. OPENLANE had a net margin of 3.39% and a return on equity of 7.85%. OPENLANE’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter last year, the company posted $0.25 earnings per share. As a group, equities analysts predict that OPENLANE will post 0.77 EPS for the current year.

Analysts Set New Price Targets

Separately, Barrington Research reaffirmed an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a research note on Monday.

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.