Avis Budget Group, Inc. (NASDAQ:CAR) Short Interest Update

Avis Budget Group, Inc. (NASDAQ:CAR) was the recipient of a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 3,070,000 shares, a growth of 5.1% from the September 30th total of 2,920,000 shares. Based on an average daily trading volume, of 635,800 shares, the days-to-cover ratio is currently 4.8 days. Currently, 8.9% of the company’s shares are short sold.

Avis Budget Group Stock Down 3.4 %

Shares of CAR stock opened at $83.00 on Friday. Avis Budget Group has a twelve month low of $65.73 and a twelve month high of $204.77. The stock’s fifty day simple moving average is $81.90 and its 200 day simple moving average is $96.90. The firm has a market capitalization of $2.96 billion, a P/E ratio of 3.94 and a beta of 2.13.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share for the quarter, missing the consensus estimate of $8.55 by ($1.90). The firm had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.53 billion. Avis Budget Group had a negative return on equity of 230.71% and a net margin of 6.58%. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter last year, the firm posted $16.78 earnings per share. As a group, equities research analysts expect that Avis Budget Group will post 6.66 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on CAR. JPMorgan Chase & Co. reduced their target price on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Barclays initiated coverage on shares of Avis Budget Group in a research note on Thursday, September 19th. They set an “equal weight” rating and a $105.00 price objective on the stock. Susquehanna reduced their price target on shares of Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Deutsche Bank Aktiengesellschaft decreased their price objective on Avis Budget Group from $155.00 to $146.00 and set a “buy” rating for the company in a report on Friday, August 30th. Finally, The Goldman Sachs Group lowered their target price on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating on the stock in a research report on Friday, October 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $136.63.

Hedge Funds Weigh In On Avis Budget Group

Several large investors have recently modified their holdings of CAR. Rubric Capital Management LP increased its holdings in Avis Budget Group by 220.9% in the second quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider’s stock valued at $72,147,000 after purchasing an additional 475,181 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Avis Budget Group by 17.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 589,780 shares of the business services provider’s stock worth $61,644,000 after acquiring an additional 88,279 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of Avis Budget Group by 19,203.5% in the third quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider’s stock worth $421,350,000 after acquiring an additional 478,552 shares during the period. Assenagon Asset Management S.A. bought a new stake in Avis Budget Group in the second quarter valued at approximately $19,978,000. Finally, Hsbc Holdings PLC increased its position in Avis Budget Group by 16.3% during the 2nd quarter. Hsbc Holdings PLC now owns 126,380 shares of the business services provider’s stock valued at $13,036,000 after purchasing an additional 17,750 shares during the period. Institutional investors own 96.35% of the company’s stock.

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.