Avis Budget Group Inc. (NASDAQ:CAR) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 21,612,348 shares, an increase of 21.7% from the March 15th total of 17,764,920 shares. Approximately 25.9% of the shares of the company are sold short. Based on an average trading volume of 2,512,765 shares, the short-interest ratio is presently 8.6 days.
In other news, Director John D. Jr. Hardy sold 992 shares of the stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $27.20, for a total transaction of $26,982.40. Following the completion of the transaction, the director now directly owns 992 shares of the company’s stock, valued at approximately $26,982.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John D. Jr. Hardy sold 870 shares of the firm’s stock in a transaction that occurred on Wednesday, February 22nd. The shares were sold at an average price of $34.16, for a total value of $29,719.20. Following the completion of the transaction, the director now directly owns 870 shares of the company’s stock, valued at $29,719.20. The disclosure for this sale can be found here. 2.80% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of the company. Meeder Asset Management Inc. acquired a new position in Avis Budget Group during the third quarter worth $100,000. FNY Managed Accounts LLC acquired a new position in Avis Budget Group during the first quarter worth $102,000. James Investment Research Inc. acquired a new position in Avis Budget Group during the first quarter worth $113,000. LS Investment Advisors LLC acquired a new position in Avis Budget Group during the third quarter worth $220,000. Finally, World Asset Management Inc increased its position in Avis Budget Group by 8.9% in the first quarter. World Asset Management Inc now owns 7,474 shares of the business services provider’s stock worth $221,000 after buying an additional 610 shares during the period.
CAR has been the subject of several research analyst reports. Credit Suisse Group AG dropped their price objective on Avis Budget Group from $38.00 to $27.00 and set a “neutral” rating for the company in a research note on Friday, May 5th. Raymond James Financial, Inc. raised Avis Budget Group from a “market perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research note on Tuesday, May 9th. Zacks Investment Research downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Tuesday, February 14th. Barclays PLC set a $36.00 target price on Avis Budget Group and gave the company a “hold” rating in a report on Saturday, February 18th. Finally, TheStreet cut Avis Budget Group from a “b-” rating to a “c” rating in a report on Thursday, February 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $36.08.
Avis Budget Group (NASDAQ:CAR) traded up 4.74% during midday trading on Friday, hitting $22.56. The stock had a trading volume of 2,384,631 shares. Avis Budget Group has a one year low of $21.37 and a one year high of $41.53. The firm has a 50 day moving average price of $28.19 and a 200 day moving average price of $34.15. The stock has a market cap of $1.90 billion, a PE ratio of 19.09 and a beta of 2.03.
Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Wednesday, May 3rd. The business services provider reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by $0.43. Avis Budget Group had a return on equity of 68.51% and a net margin of 2.18%. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same quarter in the previous year, the business earned ($0.28) earnings per share. The company’s revenue was down 2.2% on a year-over-year basis. Equities analysts expect that Avis Budget Group will post $2.94 EPS 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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