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

Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) saw a large growth in short interest in 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 presently 5.4 days. Currently, 11.1% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group raised their price objective on shares of Avis Budget Group from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Tuesday, December 10th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $133.75.

Avis Budget Group Price Performance

Shares of CAR traded down $2.98 during trading hours on Thursday, hitting $57.92. The stock had a trading volume of 1,667,932 shares, compared to its average volume of 689,655. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of -1.12 and a beta of 2.37. The company's fifty day moving average is $82.86 and its two-hundred day moving average is $86.24. Avis Budget Group has a 52 week low of $54.03 and a 52 week high of $132.25.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly earnings data 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 analysts predict that Avis Budget Group will post 8.91 EPS for the current fiscal year.

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Insider Transactions at Avis Budget Group

In related news, Director Lynn Krominga sold 661 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $95.00, for a total value of $62,795.00. Following the completion of the transaction, the director now directly owns 3,355 shares of the company's stock, valued at $318,725. This trade represents a 16.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 52.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Avis Budget Group

Institutional investors have recently bought and sold shares of the business. Steadfast Capital Management LP acquired a new stake in shares of Avis Budget Group in the fourth quarter valued at $25,747,000. ING Groep NV grew its holdings 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 worth $26,198,000 after acquiring an additional 245,800 shares during the last quarter. National Bank of Canada FI increased its position in Avis Budget Group by 266.7% in the 4th quarter. National Bank of Canada FI now owns 330,000 shares of the business services provider's stock valued at $26,601,000 after acquiring an additional 240,000 shares in the last quarter. Nomura Holdings Inc. raised its stake in shares of Avis Budget Group by 93.2% in the fourth quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider's stock worth $39,537,000 after acquiring an additional 236,576 shares during the last quarter. Finally, Jefferies Financial Group Inc. lifted its position in shares of Avis Budget Group by 1,391.0% during the fourth quarter. Jefferies Financial Group Inc. now owns 253,200 shares of the business services provider's stock worth $20,410,000 after purchasing an additional 236,218 shares in the last quarter. 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.