Avis Budget Group (NASDAQ:CAR) Shares Down 5.1% – Here’s What Happened

Avis Budget Group, Inc. (NASDAQ:CAR) traded down 5.1% during mid-day trading on Thursday . The stock traded as low as $58.27 and last traded at $57.80. 199,728 shares traded hands during trading, a decline of 71% from the average session volume of 683,995 shares. The stock had previously closed at $60.90.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group increased their target price on Avis Budget Group from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Avis Budget Group has a consensus rating of “Hold” and an average target price of $133.75.

Avis Budget Group Price Performance

The firm has a 50-day simple moving average of $82.86 and a 200 day simple moving average of $86.24. The company has a market capitalization of $2.06 billion, a PE ratio of -1.14 and a beta of 2.37.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Tuesday, February 11th. The business services provider reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.27. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. Equities research analysts expect that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Insider Activity at Avis Budget Group

In related news, Director Lynn Krominga sold 1,405 shares of the business’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $95.00, for a total value of $133,475.00. Following the transaction, the director now owns 1,950 shares in the company, valued at approximately $185,250. The trade was a 41.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 52.00% of the company’s stock.

Institutional Investors Weigh In On Avis Budget Group

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Aster Capital Management DIFC Ltd acquired a new stake in shares of Avis Budget Group during the fourth quarter worth approximately $25,000. GAMMA Investing LLC boosted its stake in Avis Budget Group by 118.8% during the 4th quarter. GAMMA Investing LLC now owns 337 shares of the business services provider’s stock valued at $27,000 after acquiring an additional 183 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in Avis Budget Group by 41.0% during the 4th quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider’s stock worth $55,000 after acquiring an additional 198 shares in the last quarter. Sterling Capital Management LLC increased its position in shares of Avis Budget Group by 41.3% in the 4th quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider’s stock worth $59,000 after purchasing an additional 215 shares during the last quarter. Finally, Signaturefd LLC raised its stake in shares of Avis Budget Group by 31.8% in the 4th quarter. Signaturefd LLC now owns 936 shares of the business services provider’s stock valued at $75,000 after purchasing an additional 226 shares in the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.