OPENLANE, Inc. (NYSE:KAR) Short Interest Down 19.1% in May

OPENLANE, Inc. (NYSE:KAR - Get Free Report) was the target of a large decline in short interest in May. As of May 15th, there was short interest totalling 4,520,000 shares, a decline of 19.1% from the April 30th total of 5,590,000 shares. Approximately 4.3% of the company's stock are short sold. Based on an average daily volume of 886,300 shares, the days-to-cover ratio is currently 5.1 days.

OPENLANE Price Performance

Shares of NYSE KAR traded down $0.04 during trading on Thursday, hitting $23.69. The stock had a trading volume of 778,953 shares, compared to its average volume of 729,865. The firm has a fifty day moving average of $20.30 and a two-hundred day moving average of $20.42. The company has a market capitalization of $2.54 billion, a PE ratio of 44.70, a PEG ratio of 1.85 and a beta of 1.40. OPENLANE has a 12 month low of $15.44 and a 12 month high of $23.82.

OPENLANE (NYSE:KAR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The specialty retailer reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.07. The company had revenue of $460.10 million for the quarter, compared to the consensus estimate of $445.70 million. OPENLANE had a net margin of 6.27% and a return on equity of 9.20%. The firm's quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.19 EPS. On average, equities analysts expect that OPENLANE will post 0.95 earnings per share for the current fiscal year.

Insider Buying and Selling at OPENLANE

In other OPENLANE news, EVP James P. Coyle sold 7,000 shares of the business's stock in a transaction on Friday, May 9th. The shares were sold at an average price of $21.72, for a total transaction of $152,040.00. Following the completion of the sale, the executive vice president now owns 36,511 shares in the company, valued at approximately $793,018.92. The trade was a 16.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On OPENLANE

Several large investors have recently modified their holdings of KAR. Brown Advisory Inc. bought a new stake in OPENLANE during the 4th quarter worth approximately $43,941,000. Kimelman & Baird LLC bought a new stake in OPENLANE during the 4th quarter worth approximately $15,793,000. Nuveen LLC bought a new stake in OPENLANE during the 1st quarter worth approximately $14,725,000. TFJ Management LLC bought a new stake in OPENLANE during the 4th quarter worth approximately $14,465,000. Finally, Burgundy Asset Management Ltd. increased its holdings in OPENLANE by 7.0% during the 1st quarter. Burgundy Asset Management Ltd. now owns 9,925,661 shares of the specialty retailer's stock worth $191,367,000 after acquiring an additional 647,164 shares during the period. Hedge funds and other institutional investors own 99.76% of the company's stock.

Analyst Ratings Changes

KAR has been the subject of a number of recent research reports. Barrington Research restated an "outperform" rating and set a $25.00 price target on shares of OPENLANE in a research note on Friday, February 21st. JPMorgan Chase & Co. lowered shares of OPENLANE from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $23.00 to $20.00 in a research note on Thursday, March 27th. Wall Street Zen upgraded shares of OPENLANE from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Finally, Stephens upgraded shares of OPENLANE from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $20.00 to $26.00 in a research note on Friday, February 28th.

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.