Avis Budget Group Inc. (CAR) Short Interest Up 11.5% in September
Avis Budget Group Inc. (NASDAQ:CAR) was the recipient of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 14,867,530 shares, an increase of 11.5% from the August 31st total of 13,336,298 shares. Based on an average daily volume of 1,350,874 shares, the short-interest ratio is presently 11.0 days. Currently, 16.8% of the shares of the company are sold short.
Avis Budget Group (NASDAQ:CAR) opened at 34.21 on Friday. The stock has a market capitalization of $3.11 billion, a PE ratio of 20.67 and a beta of 2.63. The stock’s 50 day moving average is $36.38 and its 200-day moving average is $31.55. Avis Budget Group has a 52 week low of $21.73 and a 52 week high of $53.04.
Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Tuesday, August 2nd. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by $0.06. The firm had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.21 billion. Avis Budget Group had a net margin of 1.91% and a return on equity of 58.78%. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.84 earnings per share. Equities research analysts forecast that Avis Budget Group will post $3.04 EPS for the current year.
In related news, insider Ronald L. Nelson sold 50,000 shares of the firm’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $38.00, for a total value of $1,900,000.00. Following the completion of the sale, the insider now owns 893,949 shares in the company, valued at $33,970,062. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John D. Jr. Hardy sold 738 shares of the firm’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $38.39, for a total transaction of $28,331.82. Following the completion of the sale, the director now owns 738 shares of the company’s stock, valued at approximately $28,331.82. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its position in Avis Budget Group by 768.4% in the second quarter. Bank of New York Mellon Corp now owns 4,079,271 shares of the company’s stock worth $131,475,000 after buying an additional 3,609,536 shares during the last quarter. RS Investment Management Co. LLC purchased a new position in Avis Budget Group during the second quarter worth about $35,980,000. Bank of Montreal Can purchased a new position in Avis Budget Group during the second quarter worth about $24,778,000. Wellington Management Group LLP purchased a new position in Avis Budget Group during the first quarter worth about $19,241,000. Finally, UBS Oconnor LLC purchased a new position in Avis Budget Group during the second quarter worth about $16,464,000.
A number of brokerages recently commented on CAR. Zacks Investment Research downgraded shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Monday, July 11th. Morgan Stanley restated a “sell” rating and issued a $20.00 price objective on shares of Avis Budget Group in a research report on Wednesday, August 3rd. Deutsche Bank AG raised their price objective on shares of Avis Budget Group from $44.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. MKM Partners set a $47.00 price objective on shares of Avis Budget Group and gave the company a “buy” rating in a research report on Wednesday. Finally, Macquarie began coverage on shares of Avis Budget Group in a research report on Thursday, August 25th. They issued an “outperform” rating and a $44.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $35.58.
About Avis Budget Group
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis is a rental car supplier and Budget is a rental vehicle supplier. It also owns Payless, which a car rental brand, and Apex, which is a car rental brand in New Zealand and Australia.
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