CDK Global (CDK) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 2,190,028 to 2,013,347 shares, with 2 days to go before the expiry. The short open interest has decreased by -8.1%, amounting to a reduction of -176,681 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 1.3% of the float of the company. The average daily volume of the stock is 914,585 shares. The short interest information was released on Wednesday Aug 24th after the market close.
CDK Global (NASDAQ:CDK): The stock opened at $57.95 on Wednesday but the bulls could not build on the opening and the stock topped out at $58.22 for the day. The stock traded down to $57.71 during the day, due to lack of any buying support eventually closed down at $57.86 with a loss of -0.16% for the day. The stock had closed at $57.95 on the previous day. The total traded volume was 990,436 shares.
In a related news,The officer (VP & President, ARNA) of Cdk Global, Inc., Karp Robert N. sold 27,573 shares at $55.12 on June 1, 2016. The Insider selling transaction had a total value worth of $1,519,824. The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing.
CDK Global, Inc. is a global provider, both integrated technology and digital marketing/advertising solutions to the automotive retail industry. The Companys solutions automate and integrate critical workflow processes from pre-sale targeted advertising and marketing campaigns to the sale, financing, insurance, parts supply, repair and maintenance of vehicles, with an increasing focus on utilizing big data analytics and predictive intelligence. The Companys solutions address the entire automotive retailers value chain. The Company operates in three segments: Automotive Retail Solutions North America (North American Automotive Retail), Automotive Retail Solutions International (International Automotive Retail), and Digital Marketing Solutions (Digital Marketing).