Avis Budget Group Inc. (NASDAQ:CAR) was the target of a significant drop in short interest during the month of December. As of December 29th, there was short interest totalling 20,508,855 shares, a drop of 12.0% from the December 15th total of 23,295,921 shares. Based on an average daily trading volume, of 2,081,057 shares, the days-to-cover ratio is currently 9.9 days. Currently, 25.7% of the shares of the company are sold short.
Several equities analysts have recently weighed in on the company. B. Riley assumed coverage on Avis Budget Group in a research report on Friday, September 22nd. They issued a “buy” rating and a $36.00 price target for the company. Zacks Investment Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 10th. Barclays lifted their price target on Avis Budget Group from $30.00 to $32.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 1st. ValuEngine raised Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Monday, December 11th. Finally, Deutsche Bank reissued a “buy” rating and set a $49.00 price objective (up previously from $44.00) on shares of Avis Budget Group in a research note on Friday, October 6th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Avis Budget Group has an average rating of “Buy” and a consensus target price of $37.70.
Shares of Avis Budget Group (NASDAQ CAR) opened at $42.90 on Thursday. The stock has a market capitalization of $3,490.00, a price-to-earnings ratio of 31.78 and a beta of 2.53. Avis Budget Group has a 52 week low of $20.71 and a 52 week high of $49.41. The company has a debt-to-equity ratio of 35.24, a quick ratio of 1.28 and a current ratio of 1.28.
Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Monday, November 6th. The business services provider reported $3.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.99 by $0.11. Avis Budget Group had a return on equity of 95.28% and a net margin of 1.26%. The firm had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.78 billion. During the same quarter in the previous year, the company posted $2.47 earnings per share. The company’s revenue was up 3.6% compared to the same quarter last year. equities analysts expect that Avis Budget Group will post 2.65 EPS for the current fiscal year.
In other news, SVP David T. Calabria sold 1,250 shares of Avis Budget Group stock in a transaction on Friday, December 8th. The stock was sold at an average price of $41.71, for a total value of $52,137.50. Following the completion of the transaction, the senior vice president now directly owns 4,412 shares in the company, valued at $184,024.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Srs Investment Management, Llc purchased 3,500,000 shares of Avis Budget Group stock in a transaction dated Friday, December 8th. The stock was bought at an average price of $40.56 per share, with a total value of $141,960,000.00. The disclosure for this purchase can be found here. Insiders sold 489,581 shares of company stock valued at $19,782,022 over the last three months. Company insiders own 2.80% of the company’s stock.
Hedge funds have recently modified their holdings of the business. CNA Financial Corp bought a new stake in Avis Budget Group during the third quarter worth about $945,000. 1060 Capital LLC bought a new stake in Avis Budget Group during the third quarter worth about $25,874,000. Eqis Capital Management Inc. bought a new stake in Avis Budget Group during the third quarter worth about $380,000. Pacer Advisors Inc. lifted its stake in shares of Avis Budget Group by 85.8% in the 3rd quarter. Pacer Advisors Inc. now owns 17,209 shares of the business services provider’s stock valued at $655,000 after acquiring an additional 7,948 shares during the last quarter. Finally, Ameritas Investment Partners Inc. lifted its stake in shares of Avis Budget Group by 25.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 31,925 shares of the business services provider’s stock valued at $871,000 after acquiring an additional 6,576 shares during the last quarter.
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Avis Budget Group Company Profile
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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