Insider Selling: Avis Budget Group (NASDAQ:CAR) Director Sells 28,404 Shares of Stock

Avis Budget Group, Inc. (NASDAQ:CAR) Director Lynn Krominga sold 28,404 shares of the company’s stock in a transaction on Friday, November 6th. The shares were sold at an average price of $120.25, for a total value of $3,415,581.00. Following the transaction, the director directly owned 1,762 shares in the company, valued at $211,880.50. The trade was a 94.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Avis Budget Group Trading Up 7.4%

CAR stock traded up $8.82 during midday trading on Monday, reaching $127.65. The company had a trading volume of 572,148 shares, compared to its average volume of 1,206,116. Avis Budget Group, Inc. has a 1 year low of $85.96 and a 1 year high of $847.70. The company has a market capitalization of $4.51 billion, a P/E ratio of -5.52 and a beta of 1.94. The company has a 50 day moving average of $114.17 and a two-hundred day moving average of $152.93.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Tuesday, November 3rd. The business services provider reported $5.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.01 by ($2.86). The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.42 billion. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period last year, the company posted $10.11 EPS. On average, sell-side analysts anticipate that Avis Budget Group, Inc. will post 1.08 earnings per share for the current year.

Institutional Investors Weigh In On Avis Budget Group

Several institutional investors and hedge funds have recently modified their holdings of CAR. Pentwater Capital Management LP bought a new stake in Avis Budget Group in the second quarter worth $371,541,000. Hsbc Holdings PLC acquired a new position in Avis Budget Group during the second quarter worth $247,773,000. BlackRock Inc. acquired a new position in Avis Budget Group during the second quarter worth $245,413,000. Cibc World Market Inc. bought a new position in Avis Budget Group during the second quarter valued at about $73,915,000. Finally, Bank of Nova Scotia bought a new position in Avis Budget Group during the second quarter valued at about $46,701,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CAR. Wall Street Zen downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Zacks Research lowered Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Monday, October 19th. JPMorgan Chase & Co. lowered their price target on Avis Budget Group from $105.00 to $85.00 and set an “underweight” rating for the company in a research note on Thursday. Weiss Ratings restated a “sell (d-)” rating on shares of Avis Budget Group in a report on Monday, August 17th. Finally, Barclays dropped their price objective on Avis Budget Group from $160.00 to $115.00 and set an “equal weight” rating on the stock in a report on Monday, November 2nd. Five investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, Avis Budget Group currently has a consensus rating of “Reduce” and an average price target of $116.14.

Avis Budget Group Company Profile

Avis Budget Group, Inc is a global vehicle rental provider operating primarily through the Avis and Budget brands. Its services include short- and longer-term car rentals for leisure and business travelers, as well as vehicle rental solutions for businesses and other organizations.

The company also operates Zipcar, a car-sharing service that lets members reserve vehicles for short periods. In the United States, its offerings include Budget Truck rentals. Avis Budget Group serves customers through company-operated locations and licensees across North America and other regions worldwide.

The company was formed in 2006 after Cendant spun off its car rental business.