Openlane (NYSE:OPLN) Cut to Hold at Zacks Research

Openlane (NYSE:OPLN) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other analysts also recently weighed in on OPLN. Barclays boosted their target price on Openlane from $32.00 to $34.00 and gave the company an “overweight” rating in a report on Wednesday. JPMorgan Chase & Co. reduced their price objective on Openlane from $29.00 to $28.00 and set a “neutral” rating for the company in a research note on Friday, January 16th. Finally, Weiss Ratings started coverage on shares of Openlane in a research report on Thursday, January 15th. They set a “buy (b-)” rating on the stock. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $31.00.

Openlane Trading Up 3.0%

Shares of NYSE:OPLN opened at $30.81 on Tuesday. Openlane has a 12 month low of $17.08 and a 12 month high of $31.78. The firm has a market cap of $3.27 billion, a P/E ratio of 24.93, a P/E/G ratio of 1.34 and a beta of 1.24.

Institutional Investors Weigh In On Openlane

An institutional investor recently bought a new position in Openlane stock. Yousif Capital Management LLC acquired a new stake in Openlane (NYSE:OPLN) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 28,637 shares of the company’s stock, valued at approximately $857,000. 99.76% of the stock is currently owned by hedge funds and other institutional investors.

About Openlane

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.