Avis Budget Group (NASDAQ:CAR) Director Glenn Lurie Sells 6,101 Shares of Stock

Avis Budget Group, Inc. (NASDAQ:CAR) Director Glenn Lurie sold 6,101 shares of the business’s stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $120.38, for a total transaction of $734,438.38. Following the transaction, the director owned 11,508 shares of the company’s stock, valued at approximately $1,385,333.04. This represents a 34.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Avis Budget Group Stock Performance

NASDAQ:CAR traded up $8.82 during trading hours on Monday, hitting $127.65. The stock had a trading volume of 572,148 shares, compared to its average volume of 1,206,116. Avis Budget Group, Inc. has a one year low of $85.96 and a one year high of $847.70. The company has a market cap of $4.51 billion, a price-to-earnings ratio of -5.52 and a beta of 1.94. The business’s 50 day moving average is $114.17 and its 200-day moving average is $152.93.

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

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avis Budget Group in a research note on Monday, August 17th. Morgan Stanley lowered their price target on Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating for the company in a report on Friday, September 11th. 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 report on Thursday. Barclays dropped their price target on Avis Budget Group from $160.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Monday, November 2nd. Finally, The Goldman Sachs Group lifted their price objective on Avis Budget Group from $94.00 to $108.00 and gave the company a “sell” rating in a report on Thursday. Five investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, Avis Budget Group currently has an average rating of “Reduce” and an average target price of $116.14.

Institutional Investors Weigh In On Avis Budget Group

Large investors have recently made changes to their positions in the stock. Pentwater Capital Management LP acquired a new stake in shares of Avis Budget Group during the second quarter worth $371,541,000. Hsbc Holdings PLC bought a new stake in Avis Budget Group in the 2nd quarter valued at $247,773,000. BlackRock Inc. bought a new stake in Avis Budget Group in the 2nd quarter valued at $245,413,000. Cibc World Market Inc. acquired a new position in Avis Budget Group in the 2nd quarter worth $73,915,000. Finally, Mizuho Markets Americas LLC boosted its stake in Avis Budget Group by 7.4% in the 1st quarter. Mizuho Markets Americas LLC now owns 400,000 shares of the business services provider’s stock worth $58,340,000 after purchasing an additional 27,500 shares during the period. Institutional investors own 96.35% of the company’s stock.

About Avis Budget Group

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.