Car rental agency

Avis Budget Group, Inc. (NASDAQ:CAR) Short-term interest down 24.2% in March


Avis Budget Group, Inc. (NASDAQ:CAR – Get Rating) was the beneficiary of a sharp decline in short-term interest in March. As of March 31, there was short interest totaling 5,490,000 shares, down 24.2% from the March 15 total of 7,240,000 shares. Currently, 10.4% of the company’s shares are sold short. Based on an average daily volume of 1,060,000 shares, the day-to-cover ratio is currently 5.2 days.

A number of research analysts have commented on CAR’s actions. Barclays cut its price target on Avis Budget Group from $217.00 to $168.00 and set an “underweight” rating on the stock in a Thursday, January 20 report. JPMorgan Chase & Co. cut its price target on Avis Budget Group from $205.00 to $190.00 and set a “neutral” rating on the stock in a Wednesday, Feb. 16 report. StockNews.com kicked off coverage on Avis Budget Group in a Thursday, March 31 report. They issued a “holding” rating on the stock. Bank of America downgraded Avis Budget Group from a “neutral” rating to an “underperforming” rating and lowered its price target for the stock from $250.00 to $240.00 in a report on Wednesday 6 april. Finally, Deutsche Bank Aktiengesellschaft cut its price target on Avis Budget Group from $210.00 to $193.00 and set a “hold” rating on the stock in a Wednesday, February 16 report. Three analysts gave the stock a sell rating and four gave the stock a hold rating. According to MarketBeat.com, Avis Budget Group currently has a consensus rating of “Hold” and an average price target of $194.33.

In other Avis Budget Group news, Director Lynn Krominga sold 5,823 shares in a trade that took place on Thursday, March 3. The stock was sold at an average price of $187.50, for a total transaction of $1,091,812.50. The transaction was disclosed in a filing with the SEC, which is available at this link. 27.40% of the shares are held by insiders of the company.

A number of institutional investors have recently changed their positions in the company. Norges Bank acquired a new stake in Avis Budget Group during the 4th quarter at a value of $82,318,000. AlphaCentric Advisors LLC acquired a new position in shares of Avis Budget Group during Q4 worth $51,000. JustInvest LLC acquired a new position in shares of Avis Budget Group during the 4th quarter at a value of $615,000. Wexford Capital LP acquired a new position in shares of Avis Budget Group during the 4th quarter at a value of $2,644,000. Finally, Weiss Multi Strategy Advisers LLC acquired a new position in shares of Avis Budget Group during the 4th quarter at a value of $722,000.

Avis Budget Group shares opened at $265.42 on Monday. The company’s fifty-day moving average price is $223.08 and its two-hundred-day moving average price is $216.28. The company has a market capitalization of $13.69 billion, a P/E ratio of 13.09, a PEG ratio of 0.61 and a beta of 2.15. Avis Budget Group has a 1-year minimum of $65.87 and a 1-year maximum of $545.11.

Avis Budget Group (NASDAQ:CAR – Get Rating) last announced its results on Monday, February 14. The business services provider reported earnings per share of $7.08 for the quarter, beating the consensus estimate of $6.46 by $0.62. The company posted revenue of $2.57 billion for the quarter, versus a consensus estimate of $2.30 billion. Avis Budget Group recorded a negative return on equity of 942.00% and a net margin of 13.80%. The company’s revenue for the quarter increased 89.6% year over year. In the same quarter of the previous year, the company achieved EPS of ($0.36). Equity research analysts expect Avis Budget Group to post earnings per share of 22.41 for the current year.

About Avis Budget Group (Get a rating)

Avis Budget Group, Inc., together with its subsidiaries, provides car and truck rental, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, which provides vehicle rental and other mobility solutions to the premium business and leisure segments of the travel industry; the Budget Truck brand, a local one-way truck and van rental company with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated locations and 385 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car-sharing network.

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