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

Avis Budget Group, Inc. (NASDAQ:CAR) was the target of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 4,580,000 shares, an increase of 21.2% from the February 28th total of 3,780,000 shares. Currently, 13.5% of the shares of the company are sold short. Based on an average daily trading volume, of 863,500 shares, the short-interest ratio is currently 5.3 days.

Insiders Place Their Bets

In other 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 directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 52.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Aster Capital Management DIFC Ltd acquired a new stake in shares of Avis Budget Group during the 4th quarter valued at about $25,000. GAMMA Investing LLC increased its position in shares of Avis Budget Group by 118.8% in the fourth quarter. GAMMA Investing LLC now owns 337 shares of the business services provider’s stock valued at $27,000 after buying an additional 183 shares in the last quarter. Quadrant Capital Group LLC raised its stake in shares of Avis Budget Group by 41.0% during the 4th quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider’s stock worth $55,000 after buying an additional 198 shares during the period. Sterling Capital Management LLC lifted its position in shares of Avis Budget Group by 41.3% during the 4th quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider’s stock valued at $59,000 after buying an additional 215 shares in the last quarter. Finally, Signaturefd LLC grew its stake in Avis Budget Group by 31.8% in the 4th quarter. Signaturefd LLC now owns 936 shares of the business services provider’s stock valued at $75,000 after acquiring an additional 226 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Stock Down 0.7 %

Avis Budget Group stock opened at $75.35 on Wednesday. The business’s 50-day moving average price is $79.10 and its 200 day moving average price is $85.97. The firm has a market cap of $2.65 billion, a price-to-earnings ratio of -1.45 and a beta of 2.37. Avis Budget Group has a 52 week low of $54.03 and a 52 week high of $132.25.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Tuesday, February 11th. The business services provider reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates 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 expect that Avis Budget Group will post 8.91 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group increased their price target 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 equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price 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.