Avis Budget Group Target of Unusually High Options Trading (NASDAQ:CAR)

Avis Budget Group, Inc. (NASDAQ:CAR) was the target of unusually large options trading on Wednesday. Stock traders acquired 43,035 put options on the stock. This represents an increase of 727% compared to the average daily volume of 5,205 put options.

Hedge Funds Weigh In On Avis Budget Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC raised its position in Avis Budget Group by 48,706.7% during the 2nd quarter. Hsbc Holdings PLC now owns 1,552,542 shares of the business services provider’s stock worth $256,629,000 after buying an additional 1,549,361 shares during the last quarter. ING Groep NV raised its holdings in shares of Avis Budget Group by 440.2% during the third quarter. ING Groep NV now owns 1,035,000 shares of the business services provider’s stock worth $166,195,000 after purchasing an additional 843,400 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new position in Avis Budget Group during the third quarter valued at $97,951,000. National Bank of Canada FI grew its position in Avis Budget Group by 166.7% during the 2nd quarter. National Bank of Canada FI now owns 880,239 shares of the business services provider’s stock worth $148,804,000 after purchasing an additional 550,239 shares during the period. Finally, Cibc World Market Inc. acquired a new stake in Avis Budget Group during the 3rd quarter worth about $64,231,000. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CAR shares. JPMorgan Chase & Co. lifted their price objective on shares of Avis Budget Group from $155.00 to $157.00 and gave the company a “neutral” rating in a report on Monday, October 20th. Morgan Stanley restated an “equal weight” rating and issued a $142.00 target price (up from $115.00) on shares of Avis Budget Group in a research note on Monday, December 8th. Zacks Research raised shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 18th. Barclays lowered their price target on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company in a report on Monday, November 3rd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $137.57.

Avis Budget Group Stock Down 5.2%

CAR stock traded down $7.02 during trading on Wednesday, hitting $127.89. 182,494 shares of the company’s stock traded hands, compared to its average volume of 1,111,961. The firm has a market capitalization of $4.50 billion, a P/E ratio of -2.14 and a beta of 2.29. Avis Budget Group has a 1 year low of $54.03 and a 1 year high of $212.81. The business has a fifty day simple moving average of $137.92 and a two-hundred day simple moving average of $153.73.

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

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.