Avis Budget Group (NASDAQ:CAR) Shares Down 8.5% – Time to Sell?

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) dropped 8.5% on Monday . The stock traded as low as $88.57 and last traded at $88.3180. Approximately 178,452 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 661,214 shares. The stock had previously closed at $96.47.

Analysts Set New Price Targets

Several brokerages have recently commented on CAR. Wall Street Zen lowered Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday. Barclays dropped their target price on shares of Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating on the stock in a report on Monday, November 3rd. Morgan Stanley restated an “equal weight” rating and issued a $142.00 price target (up previously from $115.00) on shares of Avis Budget Group in a report on Monday, December 8th. The Goldman Sachs Group set a $85.00 price objective on shares of Avis Budget Group in a research note on Monday. Finally, Zacks Research lowered shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Thursday. One analyst has rated the stock with a Buy rating, four have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $134.71.

Avis Budget Group Stock Performance

The company has a 50 day moving average of $123.10 and a two-hundred day moving average of $139.24. The stock has a market capitalization of $3.09 billion, a PE ratio of -3.45 and a beta of 2.33.

Institutional Trading of Avis Budget Group

A number of institutional investors have recently bought and sold shares of the stock. Quarry LP acquired a new position in Avis Budget Group during the 4th quarter valued at approximately $27,000. Deseret Mutual Benefit Administrators increased its position in shares of Avis Budget Group by 102.3% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 88 shares during the period. Basepoint Wealth LLC purchased a new position in Avis Budget Group in the 4th quarter worth $32,000. Hantz Financial Services Inc. raised its stake in Avis Budget Group by 136.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider’s stock worth $41,000 after acquiring an additional 146 shares during the last quarter. Finally, American Wealth Advisors LLC acquired a new stake in Avis Budget Group during the 3rd quarter worth about $41,000. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Avis Budget Group Company Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.