Avis Budget Group Inc. (NASDAQ:CAR) was the target of a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 9,650,000 shares, an increase of 8.1% from the December 15th total of 8,930,000 shares. Approximately 13.3% of the company’s stock are sold short. Based on an average daily volume of 1,020,000 shares, the days-to-cover ratio is presently 9.5 days.
In other news, CEO Shon Larry D. De sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $33.00, for a total value of $825,000.00. Following the completion of the transaction, the chief executive officer now owns 270,574 shares of the company’s stock, valued at $8,928,942. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.20% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Maple Rock Capital Partners Inc. lifted its stake in Avis Budget Group by 32.7% in the third quarter. Maple Rock Capital Partners Inc. now owns 1,028,700 shares of the business services provider’s stock worth $29,071,000 after acquiring an additional 253,700 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Avis Budget Group during the 3rd quarter worth approximately $595,000. Public Employees Retirement System of Ohio lifted its position in shares of Avis Budget Group by 314.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 39,530 shares of the business services provider’s stock worth $1,117,000 after buying an additional 30,000 shares during the last quarter. California State Teachers Retirement System lifted its position in shares of Avis Budget Group by 1.7% during the 3rd quarter. California State Teachers Retirement System now owns 103,562 shares of the business services provider’s stock worth $2,927,000 after buying an additional 1,779 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Avis Budget Group during the 3rd quarter worth approximately $307,000. Institutional investors own 99.87% of the company’s stock.
Avis Budget Group stock traded down $0.29 during trading on Wednesday, reaching $36.19. The stock had a trading volume of 21,063 shares, compared to its average volume of 1,224,215. Avis Budget Group has a 52-week low of $23.86 and a 52-week high of $37.27. The business has a 50 day moving average price of $32.20 and a 200 day moving average price of $30.65. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 34.23. The stock has a market cap of $2.70 billion, a PE ratio of 9.92 and a beta of 2.09.
Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Thursday, October 31st. The business services provider reported $2.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.65 by ($0.69). Avis Budget Group had a return on equity of 66.13% and a net margin of 1.91%. The firm had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.84 billion. During the same quarter in the prior year, the firm earned $3.33 EPS. The firm’s revenue was down .9% compared to the same quarter last year. On average, equities analysts predict that Avis Budget Group will post 3.45 EPS for the current fiscal year.
CAR has been the subject of several recent research reports. ValuEngine raised shares of Avis Budget Group from a “strong sell” rating to a “sell” rating in a research note on Tuesday, December 3rd. BidaskClub raised shares of Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Thursday, December 12th. Jefferies Financial Group assumed coverage on shares of Avis Budget Group in a research note on Thursday, November 21st. They issued a “buy” rating for the company. Barclays reiterated a “hold” rating and issued a $33.00 price target on shares of Avis Budget Group in a research note on Wednesday, October 23rd. Finally, TheStreet upgraded shares of Avis Budget Group from a “c” rating to a “b-” rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. Avis Budget Group presently has an average rating of “Hold” and an average price target of $34.40.
Avis Budget Group Company Profile
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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