In a report released today, Gary Prestopino from Barrington maintained a Buy rating on Kar Auction Services Inc (KAR), with a price target of $70. The company’s shares closed on Friday at $58.17.
Prestopino commented:
“We believe the quarter should at least be within a range of $0.65-0.69 based on the strength of the underlying wholesale auction business exiting Q2/18 as well as continued improvement at AFC due to lower loss ratios.”
According to TipRanks.com, Prestopino is a 3-star analyst with an average return of 1.9% and a 42.7% success rate. Prestopino covers the Services sector, focusing on stocks such as US Auto Parts Network, Ritchie Bros, and AutoWeb Inc.
Kar Auction Services Inc has an analyst consensus of Moderate Buy, with a price target consensus of $66.80.
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Based on Kar Auction Services Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $93.2 million. In comparison, last year the company had a net profit of $62.8 million.
Based on the recent corporate insider activity of 64 insiders, corporate insider sentiment is negative on the stock. Most recently, in September 2018, Benjamin Skuy, the EVP of Intl Mrkts & Strat Init of KAR sold 59,560 shares for a total of $3,736,199.
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KAR Auction Services, Inc. engages in the provision of whole car auction services in North America and salvage auction services in North America and the United Kingdom. It operates through the following segments: ADESA Auctions, Insurance Auto Auctions (IAA), and Automotive Finance Corporation (AFC).
