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

Avis Budget Group, Inc. (NASDAQ:CARGet Free Report) 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:CARGet Free Report) 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.

View Our Latest Stock Report on Avis Budget Group

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

(Get Free Report)

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.

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