Avis Budget Group, Inc. (NASDAQ:CAR) Sees Significant Growth in Short Interest

Avis Budget Group, Inc. (NASDAQ:CAR) was the target of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 5,450,000 shares, a growth of 19.0% from the March 15th total of 4,580,000 shares. Currently, 16.0% of the company’s shares are short sold. Based on an average trading volume of 1,180,000 shares, the short-interest ratio is currently 4.6 days.

Insider Activity

In other Avis Budget Group news, Director Lynn Krominga sold 1,405 shares of Avis Budget Group stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $95.00, for a total value of $133,475.00. Following the completion of the transaction, the director now directly owns 1,950 shares of the company’s stock, valued at $185,250. The trade was a 41.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 52.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CAR. Aster Capital Management DIFC Ltd purchased a new position in shares of Avis Budget Group during the fourth quarter worth about $25,000. GAMMA Investing LLC increased its holdings in shares of Avis Budget Group by 118.8% in the 4th quarter. GAMMA Investing LLC now owns 337 shares of the business services provider’s stock valued at $27,000 after acquiring an additional 183 shares during the period. UMB Bank n.a. grew its position in Avis Budget Group by 106.9% in the 1st quarter. UMB Bank n.a. now owns 478 shares of the business services provider’s stock valued at $36,000 after buying an additional 247 shares during the last quarter. Quadrant Capital Group LLC raised its position in Avis Budget Group by 41.0% during the 4th quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider’s stock worth $55,000 after buying an additional 198 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its holdings in shares of Avis Budget Group by 41.3% in the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider’s stock valued at $59,000 after acquiring an additional 215 shares in the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Price Performance

Shares of CAR stock traded up $3.72 during trading hours on Tuesday, reaching $84.38. 254,543 shares of the stock were exchanged, compared to its average volume of 828,611. The firm has a market capitalization of $2.97 billion, a P/E ratio of -1.60 and a beta of 2.05. The business’s fifty day moving average is $73.71 and its two-hundred day moving average is $84.56. Avis Budget Group has a 12-month low of $54.03 and a 12-month high of $132.25.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.50) by $0.27. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. As a group, equities research analysts predict that Avis Budget Group will post 8.91 earnings per share for the current fiscal year.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.