Avis Budget Group, Inc. (NASDAQ:CAR) Sees Large Increase in Short Interest

Avis Budget Group, Inc. (NASDAQ:CAR) saw a significant growth in short interest in the month of February. As of February 28th, there was short interest totalling 3,780,000 shares, a growth of 34.5% from the February 13th total of 2,810,000 shares. Based on an average daily volume of 693,800 shares, the days-to-cover ratio is currently 5.4 days. Approximately 11.1% of the shares of the company are sold short.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. The Goldman Sachs Group raised their target price on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Northcoast Research lowered shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a report on Monday, November 18th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $133.75.

Insider Transactions at Avis Budget Group

In related news, Director Lynn Krominga sold 1,405 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $95.00, for a total transaction of $133,475.00. Following the sale, the director now owns 1,950 shares in the company, valued at approximately $185,250. This trade represents a 41.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 52.00% of the company’s stock.

Hedge Funds Weigh In On Avis Budget Group

A number of institutional investors have recently made changes to their positions in CAR. Aster Capital Management DIFC Ltd bought a new position in shares of Avis Budget Group in the 4th quarter worth $25,000. GAMMA Investing LLC boosted its stake in shares of Avis Budget Group by 118.8% in the 4th quarter. GAMMA Investing LLC now owns 337 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 183 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Avis Budget Group by 41.0% in the 4th quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 198 shares in the last quarter. Sterling Capital Management LLC boosted its stake in shares of Avis Budget Group by 41.3% in the 4th quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider’s stock valued at $59,000 after purchasing an additional 215 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in shares of Avis Budget Group by 31.8% in the 4th quarter. Signaturefd LLC now owns 936 shares of the business services provider’s stock valued at $75,000 after purchasing an additional 226 shares in the last quarter. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Price Performance

Shares of NASDAQ CAR traded down $0.29 during mid-day trading on Tuesday, reaching $58.91. 382,667 shares of the company’s stock traded hands, compared to its average volume of 682,419. The stock has a market cap of $2.07 billion, a P/E ratio of -1.13 and a beta of 2.37. The business has a 50-day simple moving average of $83.97 and a 200 day simple moving average of $86.59. Avis Budget Group has a 1-year low of $54.03 and a 1-year high of $132.25.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.50) by $0.27. Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. Equities research analysts anticipate that Avis Budget Group will post 8.91 earnings per share for the current fiscal year.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.