Company chares are trading at $29.58 which is marginally over the 50 day moving average which is $23.14 and just a bit lower than the 200 day moving average of $30.98. The 50 day moving average was up by +27.84% and the 200 day average moved down $-1.40. 3,877K shares changed hands in the last trading session. Shares saw a steep increase in trading volume of 13.39% over the normal average daily volume.
Investors are a little more bearish on Avis Budget Group, Inc. of late if you put credence in the change in short interest. The firm had a rise in short interest from June 15, 2017 to May 31, 2017 of 4.91%. Short interest grew from 32,413,991 to 34,007,050 over that timeframe. With short interest at 34,007,050 and short average daily volume at 3,297,280, days to cover is 10.3 and the percentage of shorted shares is 0.40% as of May 31.
Avis Budget Group, Inc. (NASDAQ:CAR) has been the object of insider selling activity recently. Michael K. Tucker, EVP disclosed the sale of 2,439 shares of CAR stock. The shares were purchased at an average price of $39.05. Tucker now owns $2,273,101 of the stock per the Form 4 SEC filing. Director John D. Jr. Hardy disclosed the sale of 779 shares. The shares were sold on November 8th for an average price of $34.84. The Director now owns $0 of the stock according to the SEC filing.
Ronald L. Nelson, Executive Chairman reported the sale of 62,615 shares of (CAR). The shares were sold on November 7th for an average price of $40.00. Nelson now owns $31,278,360 of the stock according to the SEC filing.
Here are a few additional firms who have increased or decreased their stake in (CAR). As of quarter end Proficio Capital Partners LLC had bought 156 shares growing its position 1,733.3%. The value of the investment in (CAR) went from $0 to $4,000 a change of $4,000 since the last quarter. Morgan Stanley downsized its holdings by shedding 111 shares a decrease of 3.0% as of 03/31/2017. Morgan Stanley now controls 3,572 shares valued at $106,000. The value of the position overall is down by 22.1%.
As of the end of the quarter Tower Research Capital LLC (trc) had acquired a total of 832 shares growing its holdings by 180.5%. The value of the investment in CAR increased from $17,000 to $38,000 a change of 123.5% for the reporting period. Nomura Holdings Inc grew its position by buying 5,143,000 shares an increase of 7,347.1% from 12/31/2016 to 03/31/2017. Nomura Holdings Inc claims 5,213,000 shares with a value of $154,177,000. The total value of its holdings increased 5,896.8%.
On October 24, 2016 Goldman Sachs starting coverage on the stock by announcing an initial rating of “Neutral”. September 27 investment analysts at Barclays made no change to the company rating of “Equal-weight” and raised the price expectation to $55.00 from $29.00.
On August 25 analysts at Macquarie initiated coverage on CAR with a rating of “Outperform”. On May 5 JP Morgan left the company rating at “Neutral” but lowered the price expectation from $49.00 to $24.00.
April 12 investment analysts at Credit Suisse kept the stock rating at “Outperform” but lowered the price target from $38.00 to $34.00. Sterne Agee CRT started coverage giving it an initial rating of “Buy”.
In the market the company is trading up by 4.89% since yesterday’s close of $28.2. The P/E ratio is 25.03 and the market cap of the company is 2.49B. As of the latest earnings report the EPS was $1.18 and is estimated to be $2.89 for the current year with 84,234,000 shares outstanding. Next quarter’s EPS is estimated at $2.99 with next year’s EPS projected to be $3.35.
Avis Budget Group Inc., launched on August 1, 1974, 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. The Company 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. The Company operates in two segments: Americas and International. The Americas segment provides and licenses the Business’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean, and operates its car sharing business in certain of these markets. The International segment provides and licenses the Business’s brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia, Australia and New Zealand, and operates its car sharing business in certain of these markets..Advertisement