Avis Budget Group Inc. (NASDAQ:CAR) Sees Large Decrease in Short Interest

Avis Budget Group Inc. (NASDAQ:CAR) was the recipient of a large drop in short interest in the month of 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 shares are sold short. Based on an average trading volume of 1,610,000 shares, the short-interest ratio is presently 14.7 days.

A number of research firms have recently issued reports on CAR. Deutsche Bank reissued a “buy” rating and set a $49.00 price objective (up previously from $44.00) on shares of Avis Budget Group in a research report on Friday, October 6th. B. Riley began coverage on shares of Avis Budget Group in a research report on Friday, September 22nd. They set a “buy” rating and a $36.00 price objective on the stock. Zacks Investment Research raised shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 10th. BidaskClub cut shares of Avis Budget Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 3rd. Finally, Northcoast Research reaffirmed a “buy” rating on shares of Avis Budget Group in a research report on Tuesday, November 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $37.70.

Shares of Avis Budget Group (CAR) traded up $1.15 during midday trading on Friday, reaching $49.15. 2,579,554 shares of the company traded hands, compared to its average volume of 1,955,122. Avis Budget Group has a twelve month low of $20.71 and a twelve month high of $49.41. The company has a market cap of $4,000.00, a PE ratio of 36.41 and a beta of 2.53. The company has a debt-to-equity ratio of 35.24, a quick ratio of 1.28 and a current ratio of 1.28.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Monday, November 6th. The business services provider reported $3.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.99 by $0.11. Avis Budget Group had a net margin of 1.26% and a return on equity of 95.28%. The business had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.78 billion. During the same quarter last year, the firm earned $2.47 EPS. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. equities analysts predict that Avis Budget Group will post 2.65 EPS for the current fiscal year.

In other Avis Budget Group news, major shareholder Srs Investment Management, Llc purchased 3,500,000 shares of the firm’s stock in a transaction on Friday, December 8th. The stock was purchased at an average cost of $40.56 per share, for a total transaction of $141,960,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP David T. Calabria sold 1,250 shares of the stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $41.71, for a total value of $52,137.50. Following the sale, the senior vice president now owns 4,412 shares of the company’s stock, valued at $184,024.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 489,581 shares of company stock valued at $19,782,022. Company insiders own 2.80% of the company’s stock.

Several institutional investors have recently bought and sold shares of CAR. Crow Point Partners LLC bought a new position in shares of Avis Budget Group during the 3rd quarter worth approximately $107,000. FNY Managed Accounts LLC bought a new position in shares of Avis Budget Group during the 3rd quarter worth approximately $160,000. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of Avis Budget Group by 1,413.3% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,540 shares of the business services provider’s stock worth $172,000 after buying an additional 4,240 shares in the last quarter. Deprince Race & Zollo Inc. bought a new position in shares of Avis Budget Group during the 3rd quarter worth approximately $202,000. Finally, Brown Advisory Inc. bought a new position in shares of Avis Budget Group during the 3rd quarter worth approximately $204,000.

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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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