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

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

Analyst Ratings Changes

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

Avis Budget Group Stock Performance

The stock has a 50 day moving average of $82.86 and a 200 day moving average of $86.24. The stock has a market capitalization of $2.06 billion, a P/E 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 net margin of 15.45% and a negative return on equity of 14.74%. On average, research analysts anticipate that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Insiders Place Their Bets

In other Avis Budget Group news, Director Lynn Krominga sold 1,405 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $95.00, for a total transaction of $133,475.00. Following the completion of 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 52.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Avis Budget Group

A number of hedge funds and other institutional investors have recently modified their holdings of CAR. FMR LLC increased its stake in Avis Budget Group by 4.0% during the 3rd quarter. FMR LLC now owns 3,354,546 shares of the business services provider’s stock valued at $293,825,000 after buying an additional 129,805 shares during the period. State Street Corp increased its stake in shares of Avis Budget Group by 2.5% during the third quarter. State Street Corp now owns 672,227 shares of the business services provider’s stock valued at $58,880,000 after acquiring an additional 16,221 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Avis Budget Group by 0.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 592,341 shares of the business services provider’s stock valued at $51,883,000 after acquiring an additional 2,561 shares during the period. Nomura Holdings Inc. raised its holdings in Avis Budget Group by 93.2% during the fourth quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider’s stock worth $39,537,000 after purchasing an additional 236,576 shares in the last quarter. Finally, JAT Capital Mgmt LP lifted its position in Avis Budget Group by 24.5% in the third quarter. JAT Capital Mgmt LP now owns 398,170 shares of the business services provider’s stock worth $34,876,000 after purchasing an additional 78,383 shares during the period. 96.35% of the stock is currently owned by institutional investors.

Avis Budget Group Company Profile

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.