Avis Budget Group (NASDAQ:CAR) Trading Down 5.2% – Here’s Why

Avis Budget Group, Inc. (NASDAQ:CAR) shares fell 5.2% during trading on Wednesday . The company traded as low as $130.61 and last traded at $127.8850. 182,486 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 1,111,780 shares. The stock had previously closed at $134.90.

Analyst Ratings Changes

A number of analysts have recently commented on CAR shares. Zacks Research raised Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 18th. Morgan Stanley reissued an “equal weight” rating and issued a $142.00 price target (up previously from $115.00) on shares of Avis Budget Group in a research note on Monday, December 8th. Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, October 8th. Susquehanna lowered their price target on shares of Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating for the company in a report on Wednesday, October 29th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Avis Budget Group from $155.00 to $157.00 and gave the stock a “neutral” rating in a research report on Monday, October 20th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $137.57.

Avis Budget Group Stock Performance

The business has a 50 day moving average of $137.92 and a two-hundred day moving average of $153.73. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of -2.14 and a beta of 2.29.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Monday, October 27th. The business services provider reported $10.11 EPS for the quarter, topping the consensus estimate of $8.11 by $2.00. The company had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.47 billion. During the same period last year, the company earned $6.65 earnings per share. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, equities analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Institutional Trading of Avis Budget Group

Hedge funds have recently added to or reduced their stakes in the stock. Fifth Third Bancorp grew its stake in shares of Avis Budget Group by 32.6% during the second quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock valued at $39,000 after acquiring an additional 56 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Avis Budget Group by 19.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock valued at $72,000 after purchasing an additional 70 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Avis Budget Group by 26.5% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock valued at $58,000 after buying an additional 76 shares during the last quarter. Deseret Mutual Benefit Administrators boosted its stake in shares of Avis Budget Group by 102.3% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock valued at $28,000 after buying an additional 88 shares during the last quarter. Finally, Wedmont Private Capital grew its position in shares of Avis Budget Group by 6.1% during the third quarter. Wedmont Private Capital now owns 1,624 shares of the business services provider’s stock worth $242,000 after buying an additional 93 shares in the last quarter. Institutional investors own 96.35% of the company’s stock.

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.