KAR Auction Services Inc (NYSE:KAR) Sees Large Decrease in Short Interest

KAR Auction Services Inc (NYSE:KAR) saw a large decrease in short interest in December. As of December 29th, there was short interest totalling 398,139 shares, a decrease of 51.8% from the December 15th total of 825,613 shares. Currently, 0.3% of the shares of the company are sold short. Based on an average daily trading volume, of 615,907 shares, the days-to-cover ratio is presently 0.6 days.

In related news, EVP Lisa A. Price sold 6,563 shares of the company’s stock in a transaction that occurred on Friday, January 19th. The shares were sold at an average price of $54.05, for a total transaction of $354,730.15. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Benjamin Skuy sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $48.50, for a total transaction of $582,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 28,563 shares of company stock worth $1,448,530 over the last 90 days. 1.30% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the company. Archford Capital Strategies LLC increased its holdings in shares of KAR Auction Services by 832.0% in the 2nd quarter. Archford Capital Strategies LLC now owns 932 shares of the specialty retailer’s stock worth $103,000 after buying an additional 832 shares during the last quarter. SeaCrest Wealth Management LLC bought a new position in shares of KAR Auction Services in the 4th quarter worth $103,000. SG Americas Securities LLC bought a new position in shares of KAR Auction Services in the 4th quarter worth $105,000. Acrospire Investment Management LLC bought a new position in shares of KAR Auction Services in the 2nd quarter worth $118,000. Finally, Cerebellum GP LLC bought a new position in shares of KAR Auction Services in the 4th quarter worth $127,000. 98.89% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms recently weighed in on KAR. Stephens set a $57.00 target price on shares of KAR Auction Services and gave the stock a “hold” rating in a report on Wednesday, January 17th. Zacks Investment Research raised shares of KAR Auction Services from a “hold” rating to a “buy” rating and set a $53.00 target price on the stock in a report on Wednesday, November 1st. Gabelli lowered shares of KAR Auction Services from a “buy” rating to a “hold” rating and set a $53.00 target price on the stock. in a report on Thursday, November 2nd. Finally, JPMorgan Chase & Co. upped their target price on shares of KAR Auction Services from $52.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, October 30th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $54.40.

Shares of KAR Auction Services (KAR) traded up $0.39 during trading hours on Wednesday, hitting $50.65. 1,098,001 shares of the stock were exchanged, compared to its average volume of 760,632. The company has a market cap of $6,803.82, a price-to-earnings ratio of 29.79, a price-to-earnings-growth ratio of 1.72 and a beta of 1.10. KAR Auction Services has a 1 year low of $40.27 and a 1 year high of $55.19. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 1.90.

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KAR Auction Services Company Profile

KAR Auction Services, Inc is a provider of whole car auction services in North America, and salvage auction services in North America and the United Kingdom. The Company operates through three segments: ADESA, Inc (ADESA Auctions or ADESA), Insurance Auto Auctions, Inc (IAA) and Automotive Finance Corporation (AFC).

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