Avis Budget Group, Inc. (NASDAQ:CAR) Short Interest Up 21.2% in March

Avis Budget Group, Inc. (NASDAQ:CAR) was the target of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 4,580,000 shares, an increase of 21.2% from the February 28th total of 3,780,000 shares. Approximately 13.5% of the company’s shares are short sold. Based on an average daily volume of 863,500 shares, the days-to-cover ratio is presently 5.3 days.

Avis Budget Group Stock Down 0.7 %

Avis Budget Group stock opened at $75.35 on Wednesday. The firm has a market cap of $2.65 billion, a P/E ratio of -1.45 and a beta of 2.37. The business has a fifty day moving average of $79.10 and a two-hundred day moving average of $85.97. Avis Budget Group has a twelve month low of $54.03 and a twelve month high of $132.25.

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

Analyst Ratings Changes

Separately, The Goldman Sachs Group increased their price objective on Avis Budget Group from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $130.71.

Insider Transactions at Avis Budget Group

In other Avis Budget Group news, Director Lynn Krominga sold 1,405 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $95.00, for a total value of $133,475.00. Following the transaction, the director now directly owns 1,950 shares in the company, valued at $185,250. This represents a 41.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 52.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp lifted its position in Avis Budget Group by 2.5% during the third quarter. State Street Corp now owns 672,227 shares of the business services provider’s stock valued at $58,880,000 after acquiring an additional 16,221 shares during the last quarter. Nomura Holdings Inc. lifted its holdings in shares of Avis Budget Group by 93.2% during the 4th quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider’s stock valued at $39,537,000 after purchasing an additional 236,576 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Avis Budget Group by 139.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 379,805 shares of the business services provider’s stock worth $30,616,000 after purchasing an additional 221,456 shares in the last quarter. National Bank of Canada FI grew its stake in Avis Budget Group by 266.7% during the 4th quarter. National Bank of Canada FI now owns 330,000 shares of the business services provider’s stock worth $26,601,000 after buying an additional 240,000 shares during the last quarter. Finally, ING Groep NV increased its position in Avis Budget Group by 310.4% during the 4th quarter. ING Groep NV now owns 325,000 shares of the business services provider’s stock valued at $26,198,000 after buying an additional 245,800 shares in the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Company Profile

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.