IAA, Inc. (NYSE:IAA) Sees Large Drop in Short Interest

IAA, Inc. (NYSE:IAA) saw a large drop in short interest in August. As of August 31st, there was short interest totalling 2,460,000 shares, a drop of 20.1% from the August 15th total of 3,080,000 shares. Based on an average daily volume of 983,300 shares, the days-to-cover ratio is presently 2.5 days. Currently, 1.8% of the shares of the company are sold short.

Institutional investors and hedge funds have recently modified their holdings of the business. Twinbeech Capital LP bought a new stake in shares of IAA during the first quarter worth $1,240,000. Cubist Systematic Strategies LLC raised its position in shares of IAA by 2,573.4% during the first quarter. Cubist Systematic Strategies LLC now owns 165,562 shares of the company’s stock worth $9,129,000 after acquiring an additional 159,369 shares during the last quarter. Discerene Group LP bought a new stake in shares of IAA during the second quarter worth $10,421,000. Bank of Montreal Can raised its position in shares of IAA by 134.8% during the first quarter. Bank of Montreal Can now owns 100,285 shares of the company’s stock worth $5,675,000 after acquiring an additional 57,581 shares during the last quarter. Finally, Handelsbanken Fonder AB raised its position in shares of IAA by 9.1% during the second quarter. Handelsbanken Fonder AB now owns 385,925 shares of the company’s stock worth $21,048,000 after acquiring an additional 32,200 shares during the last quarter. Hedge funds and other institutional investors own 99.70% of the company’s stock.

Separately, Zacks Investment Research lowered IAA from a “buy” rating to a “hold” rating in a report on Monday, September 13th.

IAA traded up $0.31 during trading on Tuesday, hitting $52.57. The company’s stock had a trading volume of 10,301 shares, compared to its average volume of 953,715. The firm’s 50 day moving average price is $55.37 and its two-hundred day moving average price is $56.44. The company has a quick ratio of 2.51, a current ratio of 2.51 and a debt-to-equity ratio of 4.93. IAA has a 12 month low of $49.34 and a 12 month high of $66.85. The stock has a market capitalization of $7.09 billion, a price-to-earnings ratio of 26.28 and a beta of 1.70.

IAA (NYSE:IAA) last issued its quarterly earnings data on Tuesday, August 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.14. IAA had a return on equity of 266.73% and a net margin of 17.13%. The firm had revenue of $445.10 million during the quarter, compared to the consensus estimate of $415.86 million. During the same quarter in the previous year, the company posted $0.27 EPS. The business’s revenue for the quarter was up 50.0% compared to the same quarter last year. On average, sell-side analysts forecast that IAA will post 2.28 earnings per share for the current year.

IAA Company Profile

IAA, Inc engages in the provision of auction solutions for total loss, damaged and low-value vehicles. Its solutions focuses on a diverse set of global customers, provide buyers with rebuild requirements, replacement part inventory and scrap demand. It operates through the following segments: United States and International.

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