Avis Budget Group Inc. (NASDAQ:CAR) Short Interest Update

Avis Budget Group Inc. (NASDAQ:CAR) saw a significant decrease in short interest in the month of January. As of January 31st, there was short interest totalling 7,610,000 shares, a decrease of 21.1% from the January 15th total of 9,650,000 shares. Based on an average trading volume of 1,060,000 shares, the days-to-cover ratio is currently 7.2 days. Currently, 10.5% of the shares of the company are short sold.

In other news, CEO Shon Larry D. De sold 25,000 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $33.00, for a total value of $825,000.00. Following 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bernardo Hees acquired 430,169 shares of the firm’s stock in a transaction dated Sunday, February 9th. The stock was bought at an average cost of $34.87 per share, for a total transaction of $14,999,993.03. The disclosure for this purchase can be found here. 1.20% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. First Trust Advisors LP raised its position in Avis Budget Group by 13.2% during the 1st quarter. First Trust Advisors LP now owns 37,787 shares of the business services provider’s stock valued at $1,317,000 after purchasing an additional 4,400 shares in the last quarter. Macquarie Group Ltd. purchased a new position in Avis Budget Group during the 2nd quarter worth $151,000. State of Alaska Department of Revenue purchased a new position in Avis Budget Group during the 3rd quarter worth $294,000. Campbell & CO Investment Adviser LLC purchased a new stake in Avis Budget Group during the 3rd quarter valued at about $242,000. Finally, Strs Ohio grew its stake in Avis Budget Group by 10.2% during the 3rd quarter. Strs Ohio now owns 33,600 shares of the business services provider’s stock valued at $949,000 after purchasing an additional 3,100 shares during the last quarter. Hedge funds and other institutional investors own 99.87% of the company’s stock.

NASDAQ CAR traded down $0.18 during trading on Friday, hitting $41.30. 628,354 shares of the stock traded hands, compared to its average volume of 1,005,670. The company has a market capitalization of $3.07 billion, a P/E ratio of 18.19 and a beta of 2.06. The firm has a 50-day simple moving average of $34.38 and a 200-day simple moving average of $30.59. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 34.23. Avis Budget Group has a 12-month low of $23.86 and a 12-month high of $41.88.

Several research firms have recently commented on CAR. TheStreet raised Avis Budget Group from a “c” rating to a “b-” rating in a research note on Friday, December 6th. BidaskClub cut Avis Budget Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 24th. Jefferies Financial Group began coverage on Avis Budget Group in a research report on Thursday, November 21st. They set a “buy” rating for the company. ValuEngine upgraded Avis Budget Group from a “strong sell” rating to a “sell” rating in a research report on Tuesday, December 3rd. Finally, Barclays reiterated a “hold” rating and set a $33.00 target price on shares of Avis Budget Group in a research report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $34.25.

About Avis Budget Group

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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