Short Interest in Avis Budget Group Inc. (NASDAQ:CAR) Declines By 10.1%

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Avis Budget Group Inc. (NASDAQ:CAR) was the recipient of a large decline in short interest in September. As of September 30th, there was short interest totalling 6,890,000 shares, a decline of 10.1% from the August 30th total of 7,660,000 shares. Approximately 9.3% of the company’s stock are short sold. Based on an average trading volume of 1,150,000 shares, the short-interest ratio is currently 6.0 days.

Shares of NASDAQ CAR traded down $0.17 during trading on Tuesday, reaching $28.28. The stock had a trading volume of 929 shares, compared to its average volume of 1,035,335. Avis Budget Group has a one year low of $21.63 and a one year high of $37.27. The company has a debt-to-equity ratio of 46.72, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market cap of $2.15 billion, a PE ratio of 7.75 and a beta of 2.08. The firm’s 50 day moving average price is $26.98 and its two-hundred day moving average price is $31.76.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Monday, August 5th. The business services provider reported $0.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.06. Avis Budget Group had a return on equity of 75.35% and a net margin of 2.17%. The business had revenue of $2.34 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the business earned $0.57 EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. On average, research analysts expect that Avis Budget Group will post 4.05 earnings per share for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Tremblant Capital Group acquired a new position in Avis Budget Group during the 2nd quarter worth $40,082,000. Renaissance Technologies LLC lifted its holdings in shares of Avis Budget Group by 28.4% in the second quarter. Renaissance Technologies LLC now owns 3,436,700 shares of the business services provider’s stock valued at $120,834,000 after buying an additional 760,520 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Avis Budget Group by 4,533.3% in the second quarter. AQR Capital Management LLC now owns 446,886 shares of the business services provider’s stock valued at $15,713,000 after buying an additional 437,241 shares during the period. Prudential Financial Inc. lifted its holdings in shares of Avis Budget Group by 93.2% in the second quarter. Prudential Financial Inc. now owns 828,664 shares of the business services provider’s stock valued at $29,136,000 after buying an additional 399,738 shares during the period. Finally, Nuveen Asset Management LLC acquired a new stake in shares of Avis Budget Group in the second quarter valued at $8,772,000. Hedge funds and other institutional investors own 99.80% of the company’s stock.

CAR has been the topic of several recent research reports. Northcoast Research reissued a “buy” rating on shares of Avis Budget Group in a research report on Tuesday, August 6th. ValuEngine upgraded Avis Budget Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. TheStreet downgraded Avis Budget Group from a “b-” rating to a “c” rating in a report on Monday, September 16th. Morgan Stanley set a $32.00 price objective on Avis Budget Group and gave the stock a “sell” rating in a report on Friday, August 9th. Finally, BidaskClub downgraded Avis Budget Group from a “sell” rating to a “strong sell” rating in a report on Saturday, October 5th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $39.00.

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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