Avis Budget Group, Inc. (NASDAQ:CAR) Short Interest Update

Avis Budget Group, Inc. (NASDAQ:CAR) saw a large decrease in short interest in the month of November. As of November 15th, there was short interest totalling 2,910,000 shares, a decrease of 12.9% from the October 31st total of 3,340,000 shares. Based on an average daily volume of 704,100 shares, the days-to-cover ratio is presently 4.1 days. Approximately 8.6% of the shares of the company are sold short.

Avis Budget Group Price Performance

CAR stock traded down $3.04 during midday trading on Tuesday, reaching $102.89. 869,522 shares of the stock were exchanged, compared to its average volume of 718,074. Avis Budget Group has a 52 week low of $65.73 and a 52 week high of $204.77. The company has a fifty day moving average price of $91.73 and a 200 day moving average price of $95.04. The stock has a market capitalization of $3.62 billion, a PE ratio of 9.40 and a beta of 2.20.

Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Thursday, October 31st. The business services provider reported $6.65 EPS for the quarter, missing the consensus estimate of $8.55 by ($1.90). Avis Budget Group had a negative return on equity of 101.41% and a net margin of 3.34%. The business had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.53 billion. During the same quarter in the prior year, the business earned $16.78 earnings per share. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. As a group, analysts anticipate that Avis Budget Group will post 3.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Central Valley Advisors LLC bought a new stake in Avis Budget Group in the second quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL boosted its stake in Avis Budget Group by 198.3% during the third quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider’s stock worth $32,000 after acquiring an additional 240 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in Avis Budget Group by 293.3% in the third quarter. Nisa Investment Advisors LLC now owns 409 shares of the business services provider’s stock worth $36,000 after purchasing an additional 305 shares during the period. Signaturefd LLC raised its holdings in shares of Avis Budget Group by 180.0% during the second quarter. Signaturefd LLC now owns 714 shares of the business services provider’s stock valued at $75,000 after purchasing an additional 459 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Avis Budget Group during the 2nd quarter worth about $75,000. Institutional investors own 96.35% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Susquehanna reduced their price objective on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating for the company in a report on Friday, August 9th. StockNews.com upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. The Goldman Sachs Group lowered their price objective on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating on the stock in a research report on Friday, October 11th. JPMorgan Chase & Co. reduced their target price on shares of Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Avis Budget Group from $145.00 to $143.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $133.13.

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.