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

Avis Budget Group, Inc. (NASDAQ:CAR) saw a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 3,780,000 shares, an increase of 34.5% from the February 13th total of 2,810,000 shares. Based on an average daily volume of 693,800 shares, the days-to-cover ratio is presently 5.4 days. Currently, 11.1% of the shares of the company are sold short.

Insider Activity

In related news, Director Lynn Krominga sold 1,405 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $95.00, for a total value of $133,475.00. Following the completion of the sale, the director now owns 1,950 shares in the company, valued at approximately $185,250. This trade represents a 41.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 52.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Avis Budget Group

Several institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank lifted its position in Avis Budget Group by 2.0% in the 4th quarter. Amalgamated Bank now owns 7,973 shares of the business services provider’s stock valued at $643,000 after acquiring an additional 155 shares in the last quarter. GAMMA Investing LLC raised 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 purchasing an additional 183 shares during the period. Yousif Capital Management LLC raised its holdings in shares of Avis Budget Group by 2.5% in the 4th quarter. Yousif Capital Management LLC now owns 7,592 shares of the business services provider’s stock valued at $612,000 after purchasing an additional 187 shares during the period. Quadrant Capital Group LLC raised its holdings in Avis Budget Group by 41.0% in the 4th quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider’s stock valued at $55,000 after acquiring an additional 198 shares during the period. Finally, Sterling Capital Management LLC raised its holdings in Avis Budget Group by 41.3% in the 4th quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider’s stock valued at $59,000 after acquiring an additional 215 shares during the period. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Price Performance

Shares of NASDAQ CAR traded down $0.29 during midday trading on Tuesday, reaching $58.91. 382,667 shares of the stock were exchanged, compared to its average volume of 682,419. The business has a 50-day simple moving average of $83.97 and a two-hundred day simple moving average of $86.59. The company has a market capitalization of $2.07 billion, a price-to-earnings ratio of -1.13 and a beta of 2.37. 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 results on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share 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 research analysts expect that Avis Budget Group will post 8.91 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. The Goldman Sachs Group raised their price target on shares of Avis Budget Group from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Northcoast Research lowered shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a report on Monday, November 18th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $133.75.

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.