Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Openlane Inc. shares valued at $234,632 were sold by Money James E. II on Mar 11 ’24. At $15.83 per share, Money James E. II sold 14,822 shares. The insider’s holdings dropped to 44,604 shares worth approximately $0.77 million following the completion of this transaction.
Also, Kelly Peter J purchased 24,000 shares, netting a total of over 359,520 in proceeds. Following the buying of shares at $14.98 each, the insider now holds 347,355 shares.
Before that, Kelly Peter J had added 10,000 shares to its account. In a trade valued at $148,700, the Chief Executive Officer bought Openlane Inc. shares for $14.87 each. Upon closing the transaction, the insider’s holdings increased to 10,000 shares, worth approximately $5.58 million.
As published in a research note from BofA Securities on April 10, 2024, Openlane Inc. [KAR] has been rated up from an Underperform to a Neutral and the price target has been revised to $20 from $16. Analysts at BofA Securities downgraded the stock from ‘”a Buy”‘ to ‘”an Underperform”‘ outlook in a report released in early January. As of May 04, 2022, CJS Securities has increased its “Market perform” rating to a “Market outperform” for KAR. Earlier on February 28, 2022, Northcoast downgraded its rating. Their new recommendation was “a Neutral” for KAR stock which previously was a “a Buy”.
Analyzing KAR Stock Performance
During the last five days, there has been a drop of approximately -0.58%. Over the course of the year, Openlane Inc. shares have jumped approximately 16.54%. Shares of the company reached a 52-week high of $17.63 on 04/04/24 and a 52-week low of $12.86 on 02/21/24. A 50-day SMA is recorded $15.64, while a 200-day SMA reached $15.07. Nevertheless, trading volume fell to 0.86 million shares from 0.71 million shares the previous day.
Support And Resistance Levels for Openlane Inc. (KAR)
According to the 24-hour chart, there is a support level at 17.09, which, if violated, would cause prices to drop to 16.91. In the upper region, resistance lies at 17.44. The next price resistance is at 17.61. RSI (Relative Strength Index) is 65.37 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.15, which suggests the price will decrease in the coming days. Percent R is at 41.57%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Openlane Inc. subject to short interest?
Stocks of Openlane Inc. saw a sharp rise in short interest on Mar 15, 2024 jumping by 0.44 million shares to 3.91 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 3.47 million shares. A jump of 11.25% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.26 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.26.
