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

OPENLANE, Inc. (NYSE:KAR - Get Free Report) 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. Based on an average trading volume of 648,600 shares, the days-to-cover ratio is presently 6.2 days. Approximately 3.8% of the company's stock are sold short.

OPENLANE Price Performance

OPENLANE stock traded up $0.14 during mid-day trading on Monday, reaching $20.00. 139,789 shares of the company traded hands, compared to its average volume of 702,247. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of 76.39, a price-to-earnings-growth ratio of 1.90 and a beta of 1.44. The firm's fifty day moving average is $16.77 and its two-hundred day moving average is $17.05. OPENLANE has a fifty-two week low of $12.86 and a fifty-two week high of $20.45.

OPENLANE (NYSE:KAR - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. The firm had revenue of $448.00 million during 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 company's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the business posted $0.18 earnings per share. As a group, equities research analysts predict that OPENLANE will post 0.85 earnings per share for the current year.

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, CFO Brad S. Lakhia bought 4,985 shares of the stock in a transaction on Wednesday, November 13th. The stock was bought at an average price of $20.06 per share, for a total transaction of $99,999.10. Following the completion of the acquisition, the chief financial officer now directly owns 14,303 shares in the company, valued at approximately $286,918.18. This represents a 53.50 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.32% of the stock is owned by insiders.

Institutional Trading of OPENLANE

Hedge funds and other institutional investors have recently made changes to their positions in the business. Verdence Capital Advisors LLC grew its position in OPENLANE by 5.3% during the 3rd quarter. Verdence Capital Advisors LLC now owns 15,822 shares of the specialty retailer's stock worth $267,000 after purchasing an additional 793 shares during the period. Louisiana State Employees Retirement System raised its position in OPENLANE by 1.9% during the second quarter. Louisiana State Employees Retirement System now owns 54,500 shares of the specialty retailer's stock valued at $904,000 after acquiring an additional 1,000 shares in the last quarter. Fifth Third Bancorp lifted its holdings in 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 acquiring an additional 1,018 shares during the period. State of New Jersey Common Pension Fund D grew its stake in shares of OPENLANE by 0.9% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 112,320 shares of the specialty retailer's stock worth $1,896,000 after purchasing an additional 1,018 shares during the period. Finally, ProShare Advisors LLC increased its holdings in shares of OPENLANE by 6.4% during the 1st quarter. ProShare Advisors LLC now owns 21,562 shares of the specialty retailer's stock valued at $373,000 after purchasing an additional 1,290 shares in the last quarter. Institutional investors and hedge funds 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.