OPENLANE, Inc. (NYSE:KAR) Short Interest Update

OPENLANE, Inc. (NYSE:KAR) was the recipient of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 4,440,000 shares, a growth of 6.5% from the September 15th total of 4,170,000 shares. Based on an average trading volume of 671,900 shares, the days-to-cover ratio is currently 6.6 days. Approximately 4.2% of the shares of the stock are sold short.

Analyst Ratings Changes

Separately, Barrington Research restated an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research report on Friday, September 20th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.60.

Institutional Investors Weigh In On OPENLANE

Institutional investors and hedge funds have recently made changes to their positions in the stock. Invenomic Capital Management LP increased its stake in OPENLANE by 277.0% during the 1st quarter. Invenomic Capital Management LP now owns 1,529,680 shares of the specialty retailer’s stock worth $26,463,000 after buying an additional 1,123,953 shares during the period. Renaissance Technologies LLC purchased a new stake in OPENLANE during the 2nd quarter worth approximately $3,243,000. Raymond James & Associates increased its stake in OPENLANE by 293.5% during the 2nd quarter. Raymond James & Associates now owns 243,164 shares of the specialty retailer’s stock worth $4,034,000 after buying an additional 181,364 shares during the period. D. E. Shaw & Co. Inc. increased its stake in OPENLANE by 14.4% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 1,441,923 shares of the specialty retailer’s stock worth $23,922,000 after buying an additional 181,130 shares during the period. Finally, Burgundy Asset Management Ltd. increased its stake in OPENLANE by 1.7% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 8,921,967 shares of the specialty retailer’s stock worth $148,015,000 after buying an additional 146,266 shares during the period. 99.76% of the stock is owned by hedge funds and other institutional investors.

OPENLANE Trading Up 2.0 %

KAR stock traded up $0.32 during trading on Wednesday, reaching $16.17. 421,969 shares of the stock were exchanged, compared to its average volume of 709,003. The business has a 50 day moving average price of $16.68 and a 200-day moving average price of $17.04. OPENLANE has a 1 year low of $12.86 and a 1 year high of $18.73. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of -9.02, a P/E/G ratio of 1.65 and a beta of 1.44.

OPENLANE (NYSE:KAR) last released its quarterly earnings results on Wednesday, August 7th. The specialty retailer reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.02). The company had revenue of $431.80 million during the quarter, compared to analysts’ expectations of $426.11 million. OPENLANE had a net margin of 3.39% and a return on equity of 7.85%. OPENLANE’s revenue was up 3.6% on a year-over-year basis. During the same period last year, the firm posted $0.25 earnings per share. On average, research analysts anticipate that OPENLANE will post 0.78 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.