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

Avis Budget Group, Inc. (NASDAQ:CAR) was the target of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 3,290,000 shares, an increase of 6.1% from the March 15th total of 3,100,000 shares. Currently, 9.6% of the company’s shares are sold short. Based on an average daily volume of 837,900 shares, the short-interest ratio is presently 3.9 days.

Avis Budget Group Price Performance

Shares of NASDAQ:CAR opened at $105.35 on Thursday. The business’s 50-day moving average is $117.15 and its 200 day moving average is $156.51. Avis Budget Group has a 1 year low of $99.60 and a 1 year high of $244.95. The firm has a market capitalization of $3.76 billion, a P/E ratio of 2.47 and a beta of 2.22.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Tuesday, February 13th. The business services provider reported $7.10 earnings per share for the quarter, topping the consensus estimate of $4.15 by $2.95. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.81 billion. Avis Budget Group had a net margin of 13.59% and a negative return on equity of 696.69%. Avis Budget Group’s revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $10.46 EPS. On average, analysts expect that Avis Budget Group will post 15.35 EPS for the current year.

Hedge Funds Weigh In On Avis Budget Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Huntington National Bank lifted its holdings in shares of Avis Budget Group by 101.0% in the 3rd quarter. Huntington National Bank now owns 209 shares of the business services provider’s stock valued at $38,000 after buying an additional 105 shares during the period. TFO Wealth Partners LLC raised its position in Avis Budget Group by 15,550.0% during the fourth quarter. TFO Wealth Partners LLC now owns 313 shares of the business services provider’s stock valued at $55,000 after acquiring an additional 311 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in Avis Budget Group in the first quarter valued at approximately $70,000. KBC Group NV purchased a new stake in Avis Budget Group in the 4th quarter worth approximately $75,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Avis Budget Group during the 4th quarter worth approximately $79,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on CAR shares. Morgan Stanley dropped their price target on shares of Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating for the company in a research note on Wednesday, April 10th. Northcoast Research raised Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 target price on the stock in a research note on Monday, March 25th. Bank of America began coverage on Avis Budget Group in a report on Tuesday, March 19th. They issued a “buy” rating and a $170.00 price target on the stock. Susquehanna dropped their price objective on Avis Budget Group from $195.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, February 14th. Finally, JPMorgan Chase & Co. reduced their target price on Avis Budget Group from $280.00 to $240.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 14th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Avis Budget Group currently has an average rating of “Moderate Buy” and a consensus target price of $182.14.

Avis Budget Group Company Profile

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.