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

Zacks Research cut shares of Openlane (NYSE:OPLN) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday,Zacks.com reports.

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

Openlane Stock Down 1.5%

Shares of OPLN stock opened at $30.33 on Tuesday. Openlane has a 12-month low of $17.08 and a 12-month high of $31.78. The stock has a market cap of $3.22 billion, a P/E ratio of 25.66, a PEG ratio of 1.38 and a beta of 1.24.

Institutional Trading of Openlane

An institutional investor recently bought a new position in Openlane stock. Yousif Capital Management LLC bought a new stake in shares of Openlane (NYSE:OPLN) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 28,637 shares of the company’s stock, valued at approximately $857,000. 99.76% of the stock is 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.