Short Interest in Avis Budget Group, Inc. (NASDAQ:CAR) Increases By 21.2%

Avis Budget Group, Inc. (NASDAQ:CAR) was the recipient of a significant increase in short interest in 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. Based on an average daily trading volume, of 863,500 shares, the days-to-cover ratio is presently 5.3 days. Approximately 13.5% of the company’s shares are short sold.

Avis Budget Group Stock Performance

CAR stock opened at $76.78 on Thursday. The business has a 50-day simple moving average of $78.81 and a two-hundred day simple moving average of $85.91. The company has a market capitalization of $2.70 billion, a P/E ratio of -1.48 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 announced its earnings results on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share (EPS) for the quarter, beating 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 forecast that Avis Budget Group will post 8.91 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group increased their price target on Avis Budget Group from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $130.71.

Insider Buying and Selling at Avis Budget Group

In other news, Director Lynn Krominga sold 661 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $95.00, for a total transaction of $62,795.00. Following the transaction, the director now owns 3,355 shares in the company, valued at approximately $318,725. This represents a 16.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 52.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Neo Ivy Capital Management bought a new stake in Avis Budget Group in the 4th quarter worth about $5,005,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Avis Budget Group by 8.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 55,777 shares of the business services provider’s stock valued at $4,496,000 after acquiring an additional 4,286 shares in the last quarter. Twinbeech Capital LP purchased a new stake in shares of Avis Budget Group during the fourth quarter valued at approximately $387,000. Two Sigma Advisers LP increased its position in shares of Avis Budget Group by 162.9% during the fourth quarter. Two Sigma Advisers LP now owns 18,400 shares of the business services provider’s stock valued at $1,483,000 after acquiring an additional 11,400 shares during the last quarter. Finally, Two Sigma Investments LP lifted its holdings in Avis Budget Group by 53.1% during the fourth quarter. Two Sigma Investments LP now owns 104,909 shares of the business services provider’s stock worth $8,457,000 after acquiring an additional 36,393 shares during the period. 96.35% of the stock is owned by institutional investors.

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.