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

Avis Budget Group, Inc. (NASDAQ:CAR)’s share price rose 5.1% during mid-day trading on Thursday . The company traded as high as $284.75 and last traded at $274.5540. Approximately 1,648,599 shares traded hands during mid-day trading, an increase of 59% from the average daily volume of 1,035,854 shares. The stock had previously closed at $261.35.

Wall Street Analysts Forecast Growth

CAR has been the subject of a number of analyst reports. Barclays reduced their price objective on shares of Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, February 26th. The Goldman Sachs Group set a $85.00 price target on shares of Avis Budget Group in a report on Monday, February 23rd. Deutsche Bank Aktiengesellschaft downgraded shares of Avis Budget Group from a “buy” rating to a “hold” rating and set a $128.00 price target for the company. in a research report on Monday, April 6th. Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. Finally, Zacks Research downgraded Avis Budget Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. Five investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $115.00.

Avis Budget Group Stock Performance

The stock has a market capitalization of $10.60 billion, a P/E ratio of -11.81 and a beta of 1.94. The firm has a fifty day moving average price of $129.57 and a two-hundred day moving average price of $134.43.

Insider Buying and Selling at Avis Budget Group

In other news, major shareholder Pentwater Capital Management L purchased 425,000 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was purchased at an average cost of $94.26 per share, with a total value of $40,060,500.00. Following the purchase, the insider owned 3,987,100 shares in the company, valued at approximately $375,824,046. This trade represents a 11.93% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lynn Krominga sold 1,950 shares of the company’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $91.54, for a total transaction of $178,503.00. The disclosure for this sale is available in the SEC filing. 52.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Avis Budget Group

Several institutional investors have recently made changes to their positions in the company. UBS Group AG grew its stake in Avis Budget Group by 37.3% in the fourth quarter. UBS Group AG now owns 2,964,807 shares of the business services provider’s stock valued at $380,444,000 after purchasing an additional 804,814 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Avis Budget Group by 38.1% in the 4th quarter. Morgan Stanley now owns 1,975,675 shares of the business services provider’s stock valued at $253,519,000 after buying an additional 545,574 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of Avis Budget Group by 46.6% in the 3rd quarter. National Bank of Canada FI now owns 1,290,000 shares of the business services provider’s stock valued at $207,142,000 after buying an additional 409,761 shares in the last quarter. ING Groep NV grew its position in shares of Avis Budget Group by 440.2% in the 3rd quarter. ING Groep NV now owns 1,035,000 shares of the business services provider’s stock worth $166,195,000 after buying an additional 843,400 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Avis Budget Group by 1.0% during the 2nd quarter. State Street Corp now owns 713,127 shares of the business services provider’s stock worth $120,554,000 after acquiring an additional 7,318 shares in the last quarter. Hedge funds and other 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.