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

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

OPENLANE Price Performance

Shares of NYSE:KAR opened at $19.87 on Tuesday. OPENLANE has a 12 month low of $12.86 and a 12 month high of $20.45. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of 76.43, a PEG ratio of 1.90 and a beta of 1.44. The stock’s 50 day moving average price is $16.77 and its 200 day moving average price is $17.05.

OPENLANE (NYSE:KAR) last announced its earnings results on Wednesday, November 6th. The specialty retailer reported $0.26 EPS for the quarter, topping 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 return on equity of 8.67% and a net margin of 4.26%. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.18 earnings per share. On average, sell-side analysts expect that OPENLANE will post 0.85 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other OPENLANE news, CFO Brad S. Lakhia purchased 4,985 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were bought at an average price of $20.06 per share, with a total value of $99,999.10. Following the completion of the acquisition, the chief financial officer now owns 14,303 shares in the company, valued at approximately $286,918.18. This represents a 53.50 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.32% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp increased its holdings in shares of OPENLANE by 175.5% in the second quarter. Fifth Third Bancorp now owns 1,598 shares of the specialty retailer’s stock valued at $27,000 after buying an additional 1,018 shares in the last quarter. Quarry LP grew its position in OPENLANE by 201.4% during the 2nd quarter. Quarry LP now owns 2,375 shares of the specialty retailer’s stock worth $39,000 after purchasing an additional 1,587 shares in the last quarter. Innealta Capital LLC acquired a new stake in OPENLANE during the 2nd quarter valued at $81,000. Creative Planning acquired a new stake in OPENLANE during the 3rd quarter valued at $193,000. Finally, MQS Management LLC acquired a new stake in OPENLANE during the 2nd quarter valued at $204,000. Institutional investors own 99.76% of the company’s stock.

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.