OPENLANE, Inc. (NYSE:KAR) Short Interest Down 7.6% in October

OPENLANE, Inc. (NYSE:KAR) saw a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 4,020,000 shares, a decrease of 7.6% from the October 15th total of 4,350,000 shares. Based on an average daily volume of 648,600 shares, the days-to-cover ratio is presently 6.2 days. Approximately 3.8% of the shares of the company are short sold.

Insider Activity

In other news, CFO Brad S. Lakhia acquired 4,985 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were purchased at an average cost of $20.06 per share, for a total transaction of $99,999.10. Following the transaction, the chief financial officer now directly owns 14,303 shares in the company, valued at $286,918.18. This trade represents a 53.50 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.32% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC lifted its position in OPENLANE by 6.4% in the first quarter. ProShare Advisors LLC now owns 21,562 shares of the specialty retailer’s stock worth $373,000 after purchasing an additional 1,290 shares during the period. State Board of Administration of Florida Retirement System raised its stake in shares of OPENLANE by 33.1% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 41,021 shares of the specialty retailer’s stock worth $710,000 after buying an additional 10,200 shares in the last quarter. Burgundy Asset Management Ltd. raised its stake in shares of OPENLANE by 1.0% in the 1st quarter. Burgundy Asset Management Ltd. now owns 8,775,701 shares of the specialty retailer’s stock worth $151,820,000 after buying an additional 84,835 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in shares of OPENLANE by 1.6% in the first quarter. CANADA LIFE ASSURANCE Co now owns 120,065 shares of the specialty retailer’s stock valued at $2,075,000 after buying an additional 1,919 shares during the period. Finally, Keeley Teton Advisors LLC boosted its stake in OPENLANE by 2.9% during the first quarter. Keeley Teton Advisors LLC now owns 112,790 shares of the specialty retailer’s stock valued at $1,951,000 after buying an additional 3,190 shares in the last quarter. Institutional investors and hedge funds own 99.76% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Barrington Research restated an “outperform” rating and issued a $25.00 price target on shares of OPENLANE in a research note on Monday, November 4th.

OPENLANE Stock Performance

NYSE:KAR opened at $19.60 on Wednesday. The stock has a market cap of $2.09 billion, a price-to-earnings ratio of 75.39, a PEG ratio of 1.90 and a beta of 1.44. OPENLANE has a 1 year low of $12.86 and a 1 year high of $20.45. The business has a fifty day moving average of $16.91 and a 200-day moving average of $17.08.

OPENLANE (NYSE:KAR) last announced its earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. OPENLANE had a net margin of 4.26% and a return on equity of 8.67%. The firm had revenue of $448.00 million during the quarter, compared to analyst estimates of $431.68 million. During the same quarter in the prior year, the firm posted $0.18 EPS. OPENLANE’s revenue was up 7.6% compared to the same quarter last year. On average, equities research analysts predict that OPENLANE will post 0.85 EPS for the current year.

OPENLANE Company Profile

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.