Short Interest in Avis Budget Group, Inc. (NASDAQ:CAR) Expands By 34.5%

Avis Budget Group, Inc. (NASDAQ:CAR) was the target of 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. Approximately 11.1% of the shares of the stock are short sold. Based on an average trading volume of 693,800 shares, the days-to-cover ratio is presently 5.4 days.

Avis Budget Group Stock Performance

CAR traded up $6.46 during trading on Friday, reaching $61.95. 2,109,710 shares of the company traded hands, compared to its average volume of 830,063. The company has a market cap of $2.18 billion, a P/E ratio of -1.20 and a beta of 2.37. The firm has a fifty day simple moving average of $84.48 and a 200 day simple moving average of $86.72. Avis Budget Group has a 12-month low of $54.03 and a 12-month high of $132.25.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate 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%. As a group, sell-side analysts expect that Avis Budget Group will post 8.91 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CAR has been the topic of a number of analyst reports. Northcoast Research downgraded shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a research note on Monday, November 18th. The Goldman Sachs Group boosted 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. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Avis Budget Group currently has a consensus rating of “Hold” and an average target price of $133.75.

Insider Buying and Selling

In other Avis Budget Group news, Director Lynn Krominga sold 1,405 shares of the stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $95.00, for a total value of $133,475.00. Following the transaction, the director now owns 1,950 shares of the company’s stock, valued at approximately $185,250. This represents a 41.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 52.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Steadfast Capital Management LP acquired a new stake in Avis Budget Group during the fourth quarter worth $25,747,000. ING Groep NV boosted its position 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 valued at $26,198,000 after purchasing an additional 245,800 shares during the period. National Bank of Canada FI increased its holdings in shares of Avis Budget Group by 266.7% in the fourth 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 period. Nomura Holdings Inc. raised its position 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 worth $39,537,000 after acquiring an additional 236,576 shares in the last quarter. Finally, Jefferies Financial Group Inc. increased its holdings in Avis Budget Group by 1,391.0% in the fourth quarter. Jefferies Financial Group Inc. now owns 253,200 shares of the business services provider’s stock valued at $20,410,000 after buying an additional 236,218 shares in the last quarter. Institutional investors and hedge funds 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.