OPENLANE, Inc. (NYSE:KAR) Sees Significant Decrease in Short Interest

OPENLANE, Inc. (NYSE:KAR) saw a large decrease in short interest in May. As of May 31st, there was short interest totalling 3,510,000 shares, a decrease of 10.9% from the May 15th total of 3,940,000 shares. Based on an average trading volume of 761,700 shares, the days-to-cover ratio is presently 4.6 days. Currently, 3.3% of the shares of the company are short sold.

Insider Buying and Selling

In other OPENLANE news, EVP James P. Coyle sold 6,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $18.09, for a total transaction of $108,540.00. Following the completion of the sale, the executive vice president now directly owns 23,885 shares of the company’s stock, valued at approximately $432,079.65. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.32% of the stock is currently owned by insiders.

Institutional Trading of OPENLANE

Several institutional investors and hedge funds have recently made changes to their positions in KAR. Texas Permanent School Fund Corp increased its stake in shares of OPENLANE by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 94,536 shares of the specialty retailer’s stock valued at $1,635,000 after buying an additional 1,264 shares during the period. ProShare Advisors LLC increased its stake in shares of OPENLANE by 6.4% during the first quarter. ProShare Advisors LLC now owns 21,562 shares of the specialty retailer’s stock valued at $373,000 after buying an additional 1,290 shares during the period. TFO Wealth Partners LLC increased its stake in shares of OPENLANE by 16,018.2% during the fourth quarter. TFO Wealth Partners LLC now owns 1,773 shares of the specialty retailer’s stock valued at $26,000 after buying an additional 1,762 shares during the period. Illinois Municipal Retirement Fund increased its stake in shares of OPENLANE by 3.0% during the fourth quarter. Illinois Municipal Retirement Fund now owns 65,179 shares of the specialty retailer’s stock valued at $965,000 after buying an additional 1,891 shares during the period. Finally, CANADA LIFE ASSURANCE Co increased its stake 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 valued at $2,075,000 after buying an additional 1,919 shares during the period. 99.76% of the stock is currently owned by institutional investors.

OPENLANE Trading Down 0.1 %

KAR traded down $0.02 during trading on Tuesday, reaching $16.21. The company had a trading volume of 511,386 shares, compared to its average volume of 743,949. The stock has a market cap of $1.76 billion, a P/E ratio of -9.06, a PEG ratio of 1.09 and a beta of 1.46. The business has a 50 day simple moving average of $17.27 and a 200-day simple moving average of $15.89. OPENLANE has a 52 week low of $12.86 and a 52 week high of $18.41. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.15.

OPENLANE (NYSE:KAR) last released its earnings results on Wednesday, May 1st. The specialty retailer reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.02). OPENLANE had a positive return on equity of 8.53% and a negative net margin of 9.04%. The business had revenue of $416.30 million for the quarter, compared to the consensus estimate of $425.19 million. During the same quarter last year, the business posted $0.12 earnings per share. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, equities analysts anticipate that OPENLANE will post 0.81 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Robert W. Baird raised their target price on shares of OPENLANE from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Bank of America raised shares of OPENLANE from an “underperform” rating to a “neutral” rating and raised their target price for the company from $16.00 to $20.00 in a report on Wednesday, April 10th. Finally, Barrington Research reissued an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.60.

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.