StockNews.com Downgrades KAR Auction Services (NYSE:KAR) to Sell

Posted by on Mar 17th, 2023

KAR Auction Services (NYSE:KAR – Get Rating) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Wednesday.

A number of other analysts have also issued reports on KAR. Bank of America lowered KAR Auction Services from a “buy” rating to an “underperform” rating and cut their target price for the company from $23.00 to $17.00 in a research report on Monday, January 9th. Stephens reaffirmed an “equal weight” rating and issued a $13.00 target price on shares of KAR Auction Services in a report on Wednesday, February 22nd. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $25.00 price objective on shares of KAR Auction Services in a research note on Thursday, February 23rd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $19.17.

KAR Auction Services Price Performance

Shares of KAR Auction Services stock opened at $12.97 on Wednesday. The business has a 50-day moving average price of $14.12 and a 200 day moving average price of $13.61. KAR Auction Services has a twelve month low of $11.15 and a twelve month high of $19.05. The firm has a market cap of $1.41 billion, a PE ratio of 10.63 and a beta of 1.47. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.14.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of KAR. ProShare Advisors LLC grew its position in KAR Auction Services by 7.9% in the 4th quarter. ProShare Advisors LLC now owns 17,079 shares of the specialty retailer’s stock valued at $223,000 after buying an additional 1,255 shares in the last quarter. Royal Bank of Canada raised its holdings in KAR Auction Services by 165.8% during the 3rd quarter. Royal Bank of Canada now owns 2,703 shares of the specialty retailer’s stock worth $30,000 after buying an additional 1,686 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in KAR Auction Services during the second quarter valued at about $27,000. Yousif Capital Management LLC boosted its holdings in shares of KAR Auction Services by 1.7% in the first quarter. Yousif Capital Management LLC now owns 111,272 shares of the specialty retailer’s stock worth $2,008,000 after buying an additional 1,820 shares during the period. Finally, Texas Permanent School Fund increased its position in shares of KAR Auction Services by 2.3% in the second quarter. Texas Permanent School Fund now owns 87,841 shares of the specialty retailer’s stock worth $1,297,000 after acquiring an additional 1,948 shares in the last quarter.

About KAR Auction Services

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KAR Auction Services, Inc engages in the provision of used car auction services and salvage auction services in North America and the United Kingdom. It operates through the following segments: ADESA Auctions and Automotive Finance Corporation (AFC). The ADESA segment provides whole car auctions and related services to the vehicle remarketing industry in North America.

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