Short Interest in OPENLANE, Inc. (NYSE:KAR) Declines By 7.6%

OPENLANE, Inc. (NYSE:KAR) saw a significant decrease in short interest in 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. Approximately 3.8% of the company’s stock are short sold. Based on an average daily trading volume, of 648,600 shares, the short-interest ratio is presently 6.2 days.

OPENLANE Stock Down 1.4 %

Shares of KAR opened at $19.60 on Wednesday. The firm 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. The business’s 50 day moving average is $16.91 and its two-hundred day moving average is $17.08. OPENLANE has a 52-week low of $12.86 and a 52-week high of $20.45.

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

Analyst Ratings Changes

Separately, Barrington Research reiterated an “outperform” rating and issued a $25.00 price objective on shares of OPENLANE in a report on Monday, November 4th.

Insider Transactions at OPENLANE

In other news, CFO Brad S. Lakhia bought 4,985 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was acquired at an average cost of $20.06 per share, for a total transaction of $99,999.10. Following the completion of the purchase, the chief financial officer now owns 14,303 shares of the company’s stock, valued at $286,918.18. This trade represents a 53.50 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.32% of the company’s stock.

Hedge Funds Weigh In On OPENLANE

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

About OPENLANE

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.