Avis Budget Group Inc. (CAR) Short Interest Down 3.7% in November
Avis Budget Group Inc. (NASDAQ:CAR) saw a significant drop in short interest in November. As of November 30th, there was short interest totalling 23,647,436 shares, a drop of 3.7% from the November 15th total of 24,546,527 shares. Approximately 29.7% of the company’s stock are sold short. Based on an average daily trading volume, of 1,610,000 shares, the short-interest ratio is currently 14.7 days.
In other Avis Budget Group news, CMO W Scott Deaver sold 40,000 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $39.05, for a total value of $1,562,000.00. Following the sale, the chief marketing officer now directly owns 125,674 shares in the company, valued at $4,907,569.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP David T. Calabria sold 1,250 shares of the firm’s stock in a transaction on Friday, December 8th. The shares were sold at an average price of $41.71, for a total value of $52,137.50. Following the completion of the sale, the senior vice president now owns 4,412 shares in the company, valued at $184,024.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 739,581 shares of company stock worth $30,037,022. 2.80% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its position in Avis Budget Group by 18.0% in the 2nd quarter. BlackRock Inc. now owns 8,895,289 shares of the business services provider’s stock valued at $242,574,000 after acquiring an additional 1,355,238 shares during the period. Bank of New York Mellon Corp increased its position in Avis Budget Group by 1.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,534,212 shares of the business services provider’s stock valued at $172,573,000 after acquiring an additional 83,974 shares during the period. Neuberger Berman Group LLC increased its position in Avis Budget Group by 18.6% in the 2nd quarter. Neuberger Berman Group LLC now owns 3,482,454 shares of the business services provider’s stock valued at $94,967,000 after acquiring an additional 547,233 shares during the period. State Street Corp increased its position in Avis Budget Group by 21.6% in the 2nd quarter. State Street Corp now owns 2,951,521 shares of the business services provider’s stock valued at $80,487,000 after acquiring an additional 524,807 shares during the period. Finally, FMR LLC increased its position in Avis Budget Group by 815.5% in the 2nd quarter. FMR LLC now owns 1,779,701 shares of the business services provider’s stock valued at $48,532,000 after acquiring an additional 1,585,301 shares during the period.
A number of analysts have recently commented on CAR shares. Morgan Stanley cut their target price on Avis Budget Group from $19.00 to $18.00 and set an “underweight” rating on the stock in a research report on Friday, August 25th. BidaskClub upgraded Avis Budget Group from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Credit Suisse Group reiterated a “hold” rating on shares of Avis Budget Group in a research report on Thursday, September 14th. MKM Partners lifted their target price on Avis Budget Group from $36.00 to $49.00 and gave the stock a “buy” rating in a research report on Thursday, October 12th. Finally, TheStreet upgraded Avis Budget Group from a “c” rating to a “b-” rating in a research report on Friday, November 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $37.70.
Shares of Avis Budget Group (NASDAQ CAR) traded up $1.37 during mid-day trading on Monday, reaching $43.92. The company had a trading volume of 5,047,700 shares, compared to its average volume of 2,850,049. The firm has a market cap of $3,576.05, a PE ratio of 16.83 and a beta of 2.53. Avis Budget Group has a 1 year low of $20.71 and a 1 year high of $44.37. The company has a debt-to-equity ratio of 35.24, a current ratio of 1.28 and a quick ratio of 1.28.
Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Monday, November 6th. The business services provider reported $3.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.99 by $0.11. The firm had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.78 billion. Avis Budget Group had a return on equity of 95.28% and a net margin of 1.26%. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.47 EPS. equities research analysts predict that Avis Budget Group will post 2.65 earnings per share for the current year.
Avis Budget Group Company Profile
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 and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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