Short Interest in Avis Budget Group, Inc. (NASDAQ:CAR) Decreases By 5.9%
Avis Budget Group, Inc. (NASDAQ:CAR) saw a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 33,824,953 shares, a decrease of 5.9% from the July 14th total of 35,948,822 shares. Based on an average daily volume of 2,558,415 shares, the days-to-cover ratio is currently 13.2 days. Approximately 41.1% of the company’s shares are short sold.
In other news, Director John D. Jr. Hardy sold 908 shares of the stock in a transaction on Friday, August 11th. The stock was sold at an average price of $32.78, for a total value of $29,764.24. Following the transaction, the director now owns 908 shares of the company’s stock, valued at approximately $29,764.24. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 2.80% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board raised its position in Avis Budget Group by 266.1% in the first quarter. Canada Pension Plan Investment Board now owns 945,300 shares of the business services provider’s stock valued at $27,962,000 after buying an additional 687,100 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in Avis Budget Group by 1.2% in the first quarter. Oregon Public Employees Retirement Fund now owns 33,000 shares of the business services provider’s stock valued at $976,000 after buying an additional 400 shares during the last quarter. DUPONT CAPITAL MANAGEMENT Corp raised its position in Avis Budget Group by 21.9% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 108,100 shares of the business services provider’s stock valued at $3,198,000 after buying an additional 19,396 shares during the last quarter. Russell Investments Group Ltd. raised its position in Avis Budget Group by 435.5% in the first quarter. Russell Investments Group Ltd. now owns 72,420 shares of the business services provider’s stock valued at $2,142,000 after buying an additional 58,896 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D purchased a new position in Avis Budget Group during the first quarter valued at about $20,706,000.
Shares of Avis Budget Group (CAR) opened at 34.79 on Friday. The company has a 50 day moving average of $30.34 and a 200-day moving average of $29.78. Avis Budget Group has a 52-week low of $20.71 and a 52-week high of $41.53. The company has a market cap of $2.88 billion, a PE ratio of 40.98 and a beta of 2.49.
Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Monday, August 7th. The business services provider reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by $0.32. The business had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.27 billion. Avis Budget Group had a return on equity of 74.80% and a net margin of 0.86%. Avis Budget Group’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter last year, the firm posted $0.63 EPS. Analysts forecast that Avis Budget Group will post $2.70 EPS for the current fiscal year.
A number of research firms have recently weighed in on CAR. ValuEngine raised Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Morgan Stanley cut their price target on Avis Budget Group from $23.00 to $19.00 and set an “underweight” rating on the stock in a research note on Monday, May 8th. BidaskClub raised Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Deutsche Bank AG reissued a “buy” rating on shares of Avis Budget Group in a research note on Monday, June 26th. Finally, MKM Partners reissued a “buy” rating and issued a $40.00 price target on shares of Avis Budget Group in a research note on Wednesday, June 28th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. Avis Budget Group has an average rating of “Hold” and a consensus target price of $36.40.
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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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