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

Avis Budget Group, Inc. (NASDAQ:CAR) saw a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 3,070,000 shares, a growth of 5.1% from the September 30th total of 2,920,000 shares. Currently, 8.9% of the shares of the company are short sold. Based on an average daily volume of 635,800 shares, the days-to-cover ratio is presently 4.8 days.

Avis Budget Group Stock Performance

NASDAQ CAR opened at $92.06 on Friday. The stock has a market capitalization of $3.28 billion, a P/E ratio of 4.51 and a beta of 2.13. The business’s fifty day moving average is $81.90 and its two-hundred day moving average is $96.90. Avis Budget Group has a 1 year low of $65.73 and a 1 year high of $204.77.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share for the quarter, missing analysts’ consensus estimates of $8.55 by ($1.90). The company had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.53 billion. Avis Budget Group had a net margin of 6.58% and a negative return on equity of 230.71%. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter last year, the business earned $16.78 EPS. On average, research analysts forecast that Avis Budget Group will post 6.66 earnings per share for the current year.

Institutional Investors Weigh In On Avis Budget Group

A number of large investors have recently made changes to their positions in CAR. International Assets Investment Management LLC grew its stake in Avis Budget Group by 19,203.5% in the third quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider’s stock valued at $421,350,000 after purchasing an additional 478,552 shares in the last quarter. Rubric Capital Management LP grew its stake in shares of Avis Budget Group by 220.9% in the 2nd quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider’s stock valued at $72,147,000 after buying an additional 475,181 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Avis Budget Group in the second quarter worth approximately $19,978,000. Toronto Dominion Bank bought a new position in Avis Budget Group during the second quarter valued at approximately $10,452,000. Finally, Natixis grew its position in Avis Budget Group by 1,339.3% in the first quarter. Natixis now owns 101,242 shares of the business services provider’s stock worth $12,398,000 after acquiring an additional 94,208 shares in the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CAR shares. StockNews.com lowered Avis Budget Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Avis Budget Group from $155.00 to $146.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Susquehanna decreased their price objective on shares of Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Barclays initiated coverage on Avis Budget Group in a report on Thursday, September 19th. They set an “equal weight” rating and a $105.00 target price on the stock. Finally, The Goldman Sachs Group decreased their price target on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $136.63.

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.