Avis Budget Group, Inc. (NASDAQ:CAR) Sees Significant Growth in Short Interest

Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) saw a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 5,450,000 shares, an increase of 19.0% from the March 15th total of 4,580,000 shares. Based on an average daily trading volume, of 1,180,000 shares, the short-interest ratio is currently 4.6 days. Currently, 16.0% of the company's stock are sold short.

Insider Activity at Avis Budget Group

In other Avis Budget Group news, Director Lynn Krominga sold 1,405 shares of the firm's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $95.00, for a total transaction of $133,475.00. Following the transaction, the director now directly owns 1,950 shares in the company, valued at approximately $185,250. This trade represents a 41.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 52.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Avis Budget Group

Several large investors have recently made changes to their positions in the business. Nomura Holdings Inc. lifted its stake in 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 valued at $39,537,000 after purchasing an additional 236,576 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Avis Budget Group by 139.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 379,805 shares of the business services provider's stock valued at $30,616,000 after buying an additional 221,456 shares during the last quarter. National Bank of Canada FI grew its stake in shares of 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 acquiring an additional 240,000 shares during the period. ING Groep NV increased its holdings in 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. Finally, Steadfast Capital Management LP bought a new stake in Avis Budget Group in the 4th quarter valued at about $25,747,000. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Trading Up 0.1 %

Shares of CAR traded up $0.13 during trading hours on Friday, reaching $91.52. 162,077 shares of the stock traded hands, compared to its average volume of 840,842. Avis Budget Group has a 52 week low of $54.03 and a 52 week high of $132.25. The company has a market cap of $3.22 billion, a price-to-earnings ratio of -1.77 and a beta of 2.05. The stock has a fifty day simple moving average of $73.58 and a 200 day simple moving average of $84.59.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its earnings results 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%. Analysts predict that Avis Budget Group will post 8.91 earnings per share for the current fiscal year.

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.