Avis Budget Group (NASDAQ:CAR) Stock Price Down 6.7% – What’s Next?

Avis Budget Group, Inc. (NASDAQ:CAR)’s stock price traded down 6.7% during mid-day trading on Monday . The company traded as low as $155.93 and last traded at $155.2750. Approximately 205,005 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 1,770,620 shares. The stock had previously closed at $166.49.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Jefferies Financial Group lowered Avis Budget Group from a “buy” rating to a “hold” rating and increased their price target for the stock from $112.00 to $160.00 in a research report on Friday, May 1st. Barclays set a $160.00 price objective on Avis Budget Group and gave the stock an “equal weight” rating in a research note on Monday, June 8th. Wall Street Zen upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Morgan Stanley raised their target price on Avis Budget Group from $97.00 to $99.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 20th. Finally, Susquehanna lifted their price target on Avis Budget Group from $105.00 to $140.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Six research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $131.50.

Avis Budget Group Stock Performance

The firm’s 50-day moving average is $196.85 and its two-hundred day moving average is $162.86. The stock has a market cap of $5.23 billion, a P/E ratio of -7.74 and a beta of 1.87.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Wednesday, April 29th. The business services provider reported ($8.01) EPS for the quarter, missing analysts’ consensus estimates of ($6.82) by ($1.19). The business had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.43 billion. The business’s revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the firm earned ($14.35) EPS. As a group, research analysts forecast that Avis Budget Group, Inc. will post 2.93 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Pentwater Capital Management L sold 3,347 shares of the firm’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $438.74, for a total value of $1,468,462.78. Following the transaction, the insider owned 6,177,100 shares of the company’s stock, valued at approximately $2,710,140,854. This trade represents a 0.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ravi Simhambhatla sold 3,469 shares of Avis Budget Group stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $184.09, for a total transaction of $638,608.21. Following the sale, the executive vice president owned 13,876 shares of the company’s stock, valued at approximately $2,554,432.84. This represents a 20.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 16,299 shares of company stock worth $3,836,012 over the last three months. 50.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Avis Budget Group

A number of institutional investors have recently made changes to their positions in the stock. UBS Group AG boosted its holdings in Avis Budget Group by 37.3% during the fourth quarter. UBS Group AG now owns 2,964,807 shares of the business services provider’s stock worth $380,444,000 after buying an additional 804,814 shares during the last quarter. Morgan Stanley grew its holdings in Avis Budget Group by 38.1% during the fourth quarter. Morgan Stanley now owns 1,975,675 shares of the business services provider’s stock valued at $253,519,000 after purchasing an additional 545,574 shares during the period. National Bank of Canada FI grew its holdings in Avis Budget Group by 46.6% during the third quarter. National Bank of Canada FI now owns 1,290,000 shares of the business services provider’s stock valued at $207,142,000 after purchasing an additional 409,761 shares during the period. State Street Corp increased its stake in Avis Budget Group by 1.0% in the second quarter. State Street Corp now owns 713,127 shares of the business services provider’s stock valued at $120,554,000 after purchasing an additional 7,318 shares in the last quarter. Finally, Cibc World Market Inc. increased its stake in Avis Budget Group by 75.0% in the fourth quarter. Cibc World Market Inc. now owns 700,005 shares of the business services provider’s stock valued at $89,825,000 after purchasing an additional 300,000 shares in the last quarter. 96.35% of the stock is owned by institutional investors and hedge funds.

About Avis Budget Group

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.