Avis Budget Group, Inc. (NASDAQ:CAR) was the recipient of a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 25,558,125 shares, a decrease of 9.4% from the October 13th total of 28,197,279 shares. Currently, 31.5% of the shares of the company are sold short. Based on an average daily volume of 1,521,345 shares, the days-to-cover ratio is presently 16.8 days.
In other Avis Budget Group news, insider Mark J. Servodidio sold 29,000 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $36.07, for a total value of $1,046,030.00. Following the completion of the transaction, the insider now owns 72,431 shares of the company’s stock, valued at approximately $2,612,586.17. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Shon Larry D. De sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $42.00, for a total value of $1,050,000.00. Following the completion of the transaction, the chief executive officer now directly owns 222,365 shares of the company’s stock, valued at approximately $9,339,330. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 460,631 shares of company stock valued at $18,182,832. 2.80% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in CAR. Crow Point Partners LLC bought a new position in Avis Budget Group in the 3rd quarter valued at $107,000. FNY Managed Accounts LLC bought a new position in Avis Budget Group in the 3rd quarter valued at $160,000. Ladenburg Thalmann Financial Services Inc. boosted its position in Avis Budget Group by 1,413.3% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,540 shares of the business services provider’s stock valued at $172,000 after buying an additional 4,240 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in Avis Budget Group in the 2nd quarter valued at $191,000. Finally, Deprince Race & Zollo Inc. bought a new position in Avis Budget Group in the 3rd quarter valued at $202,000.
Shares of Avis Budget Group (NASDAQ:CAR) opened at $34.33 on Friday. Avis Budget Group has a twelve month low of $20.71 and a twelve month high of $42.40. The firm has a market capitalization of $2,800.00, a price-to-earnings ratio of 12.48 and a beta of 2.57. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 35.24.
Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Monday, November 6th. The business services provider reported $3.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.99 by $0.11. Avis Budget Group had a return on equity of 95.28% and a net margin of 1.26%. The firm had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.78 billion. During the same period last year, the firm posted $2.47 EPS. The business’s revenue was up 3.6% on a year-over-year basis. equities analysts anticipate that Avis Budget Group will post 2.6 earnings per share for the current fiscal year.
CAR has been the subject of several recent research reports. TheStreet raised Avis Budget Group from a “c” rating to a “b-” rating in a report on Friday, November 10th. B. Riley initiated coverage on Avis Budget Group in a report on Friday, September 22nd. They issued a “buy” rating and a $36.00 target price for the company. BidaskClub cut Avis Budget Group from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 23rd. ValuEngine raised Avis Budget Group from a “hold” rating to a “buy” rating in a report on Thursday, October 5th. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $49.00 target price (up from $44.00) on shares of Avis Budget Group in a report on Friday, October 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. Avis Budget Group presently has an average rating of “Hold” and a consensus target price of $37.70.
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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 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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