Short Interest in Avis Budget Group, Inc. (NASDAQ:CAR) Rises By 19.6%

Avis Budget Group, Inc. (NASDAQ:CAR) was the target of a significant growth in short interest in the month of February. As of February 15th, there was short interest totalling 2,810,000 shares, a growth of 19.6% from the January 31st total of 2,350,000 shares. Based on an average trading volume of 633,800 shares, the days-to-cover ratio is currently 4.4 days. Approximately 8.3% of the shares of the stock are short sold.

Insider Activity at Avis Budget Group

In other news, Director Lynn Krominga sold 1,405 shares of Avis Budget Group stock in a transaction that occurred on Thursday, February 20th. The shares were 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 $185,250. The trade was a 41.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 52.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Aster Capital Management DIFC Ltd bought a new position in shares of Avis Budget Group during the 4th quarter worth approximately $25,000. GAMMA Investing LLC grew its holdings in shares of Avis Budget Group by 118.8% in the 4th quarter. GAMMA Investing LLC now owns 337 shares of the business services provider’s stock valued at $27,000 after acquiring an additional 183 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Avis Budget Group by 293.3% during the third quarter. Nisa Investment Advisors LLC now owns 409 shares of the business services provider’s stock worth $36,000 after acquiring an additional 305 shares in the last quarter. Quadrant Capital Group LLC boosted its position in Avis Budget Group by 41.0% during the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 198 shares during the last quarter. Finally, Sterling Capital Management LLC grew its stake in Avis Budget Group by 41.3% in the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider’s stock valued at $59,000 after purchasing an additional 215 shares in the last quarter. 96.35% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on the company. The Goldman Sachs Group upped 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. Northcoast Research cut Avis Budget Group from a “buy” rating to a “neutral” rating in a report on Monday, November 18th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Avis Budget Group currently has a consensus rating of “Hold” and an average target price of $133.75.

Avis Budget Group Stock Performance

Shares of Avis Budget Group stock traded down $2.77 during trading on Thursday, reaching $73.84. The company’s stock had a trading volume of 218,351 shares, compared to its average volume of 691,050. Avis Budget Group has a one year low of $65.73 and a one year high of $132.25. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of -1.42 and a beta of 2.26. The business’s fifty day moving average price is $86.51 and its 200-day moving average price is $87.79.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share 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%. Sell-side analysts anticipate that Avis Budget Group will post 8.91 EPS for the current 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.