Avis Budget Group, Inc. (NASDAQ:CAR – Get Free Report) was the recipient of a large 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. Currently, 8.9% of the company’s stock are sold short. Based on an average daily trading volume, of 635,800 shares, the short-interest ratio is currently 4.8 days.
Hedge Funds Weigh In On Avis Budget Group
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAR. State of Michigan Retirement System boosted its position in Avis Budget Group by 2.2% during the first quarter. State of Michigan Retirement System now owns 4,573 shares of the business services provider’s stock worth $560,000 after purchasing an additional 100 shares during the period. Denali Advisors LLC boosted its position in shares of Avis Budget Group by 94.1% in the first quarter. Denali Advisors LLC now owns 231 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 112 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of Avis Budget Group by 77.8% in the first quarter. Janney Montgomery Scott LLC now owns 4,517 shares of the business services provider’s stock valued at $553,000 after acquiring an additional 1,977 shares during the period. Capstone Investment Advisors LLC bought a new stake in shares of Avis Budget Group in the first quarter valued at about $1,069,000. Finally, Texas Permanent School Fund Corp boosted its position in shares of Avis Budget Group by 1.6% in the first quarter. Texas Permanent School Fund Corp now owns 16,167 shares of the business services provider’s stock valued at $1,980,000 after acquiring an additional 260 shares during the period. 96.35% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several analysts have commented on CAR shares. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Avis Budget Group from $155.00 to $146.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Susquehanna lowered their price objective on shares of Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. The Goldman Sachs Group lowered their price objective on shares of Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating on the stock in a report on Friday, October 11th. Barclays started coverage on shares of Avis Budget Group in a report on Thursday, September 19th. They issued an “equal weight” rating and a $105.00 price objective on the stock. Finally, StockNews.com downgraded shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Avis Budget Group has a consensus rating of “Hold” and an average price target of $136.63.
Avis Budget Group Stock Down 0.6 %
Shares of NASDAQ:CAR traded down $0.53 during midday trading on Thursday, hitting $85.41. The stock had a trading volume of 195,310 shares, compared to its average volume of 709,881. Avis Budget Group has a 12 month low of $65.73 and a 12 month high of $204.77. The business’s 50-day simple moving average is $81.94 and its 200-day simple moving average is $97.00. The company has a market cap of $3.04 billion, a P/E ratio of 2.71 and a beta of 2.13.
Avis Budget Group (NASDAQ:CAR – Get Free Report) last released its earnings results on Monday, August 5th. The business services provider reported $0.41 earnings per share for the quarter, missing the consensus estimate of $2.60 by ($2.19). Avis Budget Group had a net margin of 6.58% and a negative return on equity of 230.71%. The firm had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the prior year, the business posted $11.01 earnings per share. Avis Budget Group’s quarterly revenue was down 2.4% compared to the same quarter last year. As a group, equities analysts predict that Avis Budget Group will post 7.68 earnings per share for the current 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.
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