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

Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) was the recipient of a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 4,580,000 shares, a growth of 21.2% from the February 28th total of 3,780,000 shares. Approximately 13.5% of the company's shares are sold short. Based on an average trading volume of 863,500 shares, the days-to-cover ratio is currently 5.3 days.

Avis Budget Group Stock Performance

Shares of Avis Budget Group stock traded down $0.22 on Monday, hitting $68.99. The company's stock had a trading volume of 769,242 shares, compared to its average volume of 777,556. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of -1.33 and a beta of 2.05. The firm has a fifty day moving average price of $78.03 and a 200-day moving average price of $85.77. Avis Budget Group has a 1 year low of $54.03 and a 1 year 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 (EPS) for the quarter, beating 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%. As a group, analysts forecast that Avis Budget Group will post 8.91 EPS for the current year.

Insider Transactions at Avis Budget Group

In related news, Director Lynn Krominga sold 1,405 shares of Avis Budget Group stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $95.00, for a total transaction of $133,475.00. Following the completion of the sale, the director now owns 1,950 shares in the company, valued at $185,250. This trade represents a 41.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 52.00% of the company's stock.

Hedge Funds Weigh In On Avis Budget Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp grew its position in shares of Avis Budget Group by 2.5% in the third quarter. State Street Corp now owns 672,227 shares of the business services provider's stock valued at $58,880,000 after purchasing an additional 16,221 shares in the last quarter. Nomura Holdings Inc. increased its position in Avis Budget Group by 93.2% during the fourth quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider's stock worth $39,537,000 after purchasing an additional 236,576 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Avis Budget Group by 139.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 379,805 shares of the business services provider's stock valued at $30,616,000 after acquiring an additional 221,456 shares during the last quarter. National Bank of Canada FI lifted its stake in shares of 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 purchasing an additional 240,000 shares during the last quarter. Finally, ING Groep NV lifted its holdings in shares of Avis Budget Group by 310.4% in 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. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group lifted their price target on Avis Budget Group from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $130.71.

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.