Sun Sep 29 23:46:48 UTC 2024: ## Avis Budget Group Sees Surge in Short Interest Despite Stock Rise
**New York, NY (MarketBeat News)** – Avis Budget Group, Inc. (NASDAQ: CAR) saw a significant increase in short interest during September, signaling a potential bearish sentiment among investors. Short interest, a measure of bets that a stock’s price will decline, rose by 11.1% to 3,100,000 shares by September 15th. This comes despite the stock’s positive performance on Friday, where it gained $1.97 to reach $87.59.
This increased short interest comes on the heels of the company’s disappointing second-quarter earnings report, which saw them miss analysts’ estimates by a significant margin. Avis Budget Group reported earnings per share of $0.41, falling short of the projected $2.60. Revenue also fell below expectations at $3.05 billion compared to the estimated $3.13 billion.
Despite the recent dip, analysts remain divided on the company’s future prospects. While some, like Deutsche Bank Aktiengesellschaft, maintain a “buy” rating and see potential for growth, others like Susquehanna have reduced their target price and assigned a “neutral” rating. The average rating for CAR stock is currently “Hold”, with an average price target of $138.50.
It remains to be seen whether the increased short interest will translate into further downward pressure on the stock price. Investors will be closely watching the company’s upcoming earnings reports and any developments in the rental car industry to gauge the potential for a rebound.
First Piper 