Avis Budget Group, Inc. (NASDAQ:CAR) Sees Significant Decline in Short Interest

Avis Budget Group, Inc. (NASDAQ:CAR) saw a significant 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 short-interest ratio is currently 4.1 days. Approximately 8.6% of the company’s shares are short sold.

Analysts Set New Price Targets

CAR has been the subject of several research analyst reports. StockNews.com raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Barclays assumed coverage on Avis Budget Group in a research report on Thursday, September 19th. They set an “equal weight” rating and a $105.00 price objective on the stock. Deutsche Bank Aktiengesellschaft lowered their target price on Avis Budget Group from $145.00 to $143.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Susquehanna reduced their price target on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Finally, The Goldman Sachs Group lowered their price objective on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating for the company in a research report on Friday, October 11th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $133.13.

Institutional Trading of Avis Budget Group

Institutional investors and hedge funds have recently modified their holdings of the company. Central Valley Advisors LLC purchased a new position in shares of Avis Budget Group during the second quarter valued at about $25,000. Strategic Investment Solutions Inc. IL boosted its stake in shares of 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 valued at $32,000 after purchasing an additional 240 shares during the period. Nisa Investment Advisors LLC grew its stake 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 in the last quarter. Signaturefd LLC increased its position in Avis Budget Group by 180.0% during the 2nd 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. purchased a new stake in Avis Budget Group during the second quarter worth $75,000. 96.35% of the stock is currently owned by institutional investors.

Avis Budget Group Price Performance

NASDAQ CAR traded down $3.04 during trading hours on Tuesday, hitting $102.89. The company’s stock had a trading volume of 869,522 shares, compared to its average volume of 718,074. The company has a market cap of $3.62 billion, a P/E ratio of 9.40 and a beta of 2.20. The company’s 50 day simple moving average is $91.41 and its two-hundred day simple moving average is $95.15. Avis Budget Group has a 12 month low of $65.73 and a 12 month high of $204.77.

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

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.