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

Avis Budget Group, Inc. (NASDAQ:CAR) was the target of a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 3,290,000 shares, a growth of 6.1% from the March 15th total of 3,100,000 shares. Based on an average daily trading volume, of 837,900 shares, the days-to-cover ratio is currently 3.9 days. Currently, 9.6% of the shares of the stock are short sold.

Avis Budget Group Stock Down 2.9 %

Shares of Avis Budget Group stock opened at $105.35 on Thursday. Avis Budget Group has a fifty-two week low of $99.60 and a fifty-two week high of $244.95. The business’s fifty day moving average is $117.15 and its two-hundred day moving average is $156.51. The firm has a market cap of $3.76 billion, a PE ratio of 2.47 and a beta of 2.22.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Tuesday, February 13th. The business services provider reported $7.10 EPS for the quarter, beating the consensus estimate of $4.15 by $2.95. Avis Budget Group had a negative return on equity of 696.69% and a net margin of 13.59%. The firm had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.81 billion. During the same period in the prior year, the firm posted $10.46 earnings per share. The business’s quarterly revenue was down .3% compared to the same quarter last year. Equities research analysts anticipate that Avis Budget Group will post 15.35 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Morgan Stanley cut their target price on shares of Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating for the company in a research report on Wednesday, April 10th. Bank of America initiated coverage on Avis Budget Group in a research note on Tuesday, March 19th. They issued a “buy” rating and a $170.00 target price on the stock. Susquehanna cut their price target on Avis Budget Group from $195.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, February 14th. The Goldman Sachs Group upgraded Avis Budget Group from a “sell” rating to a “neutral” rating and upped their price objective for the company from $118.00 to $130.00 in a research report on Thursday, April 4th. Finally, StockNews.com upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Monday, February 12th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $182.14.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. HighTower Advisors LLC acquired a new position in Avis Budget Group in the first quarter valued at $270,000. Great West Life Assurance Co. Can grew its holdings in shares of Avis Budget Group by 8.1% during the 1st quarter. Great West Life Assurance Co. Can now owns 26,716 shares of the business services provider’s stock worth $7,275,000 after purchasing an additional 1,999 shares during the period. Bridgewater Associates LP increased its position in Avis Budget Group by 246.2% during the 1st quarter. Bridgewater Associates LP now owns 6,685 shares of the business services provider’s stock worth $1,760,000 after purchasing an additional 4,754 shares in the last quarter. Federated Hermes Inc. raised its holdings in Avis Budget Group by 6.5% in the first quarter. Federated Hermes Inc. now owns 11,383 shares of the business services provider’s stock valued at $2,997,000 after buying an additional 696 shares during the period. Finally, Utah Retirement Systems acquired a new position in Avis Budget Group during the first quarter valued at approximately $1,369,000. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

About Avis Budget Group

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.