Avis Budget Group (NASDAQ:CAR) Trading Down 5.6% – Time to Sell?

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) fell 5.6% during trading on Tuesday . The company traded as low as $111.02 and last traded at $110.6850. 116,857 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 1,345,437 shares. The stock had previously closed at $117.26.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CAR shares. Morgan Stanley dropped their price target on Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating for the company in a research note on Friday, September 11th. Barclays set a $160.00 price target on Avis Budget Group and gave the company an “equal weight” rating in a report on Monday, June 8th. Zacks Research raised shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 1st. The Goldman Sachs Group raised their price objective on Avis Budget Group from $85.00 to $95.00 and gave the company a “sell” rating in a research report on Friday, July 24th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avis Budget Group in a research report on Monday, August 17th. Six research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average target price of $135.00.

Avis Budget Group Stock Performance

The stock has a market cap of $3.92 billion, a PE ratio of -6.10 and a beta of 1.91. The company’s 50-day moving average price is $141.91 and its 200 day moving average price is $172.90.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Tuesday, July 28th. The business services provider reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($1.07). The firm had revenue of $3 billion for the quarter, compared to analysts’ expectations of $3.10 billion. During the same period last year, the firm posted $0.10 earnings per share. Avis Budget Group’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, sell-side analysts anticipate that Avis Budget Group, Inc. will post 1.08 earnings per share for the current fiscal year.

Institutional Trading of Avis Budget Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Avis Budget Group by 1,845.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock worth $27,000 after buying an additional 203 shares in the last quarter. Basepoint Wealth LLC purchased a new position in Avis Budget Group in the fourth quarter worth about $32,000. Hollencrest Capital Management purchased a new position in shares of Avis Budget Group in the 1st quarter worth approximately $44,000. Hantz Financial Services Inc. increased its position in shares of Avis Budget Group by 70.4% during the 4th quarter. Hantz Financial Services Inc. now owns 431 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 178 shares during the last quarter. Finally, Allworth Financial LP bought a new position in shares of Avis Budget Group during the 2nd quarter valued at approximately $77,000. Institutional investors own 96.35% of the company’s stock.

About Avis Budget Group

Avis Budget Group, Inc is a global provider of vehicle rental and mobility services. The company operates through a portfolio of well-known brands, including Avis, Budget and Payless, offering car and truck rentals to business and leisure travelers, government customers and other organizations.

The company also provides flexible vehicle access through Zipcar, a car-sharing service that allows members to reserve vehicles for short-term use. Its services are delivered through company-operated locations, licensed operations and franchise partners, with offerings that may include airport and neighborhood rentals, fleet management and related mobility solutions.

Avis Budget Group serves customers across North America, Europe, Australia and New Zealand, Latin America, the Caribbean, Africa and parts of Asia through its operating businesses and partners.