Avis Budget Group (NASDAQ:CAR) Stock Price Down 6.8% – Time to Sell?

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) were down 6.8% during mid-day trading on Thursday . The company traded as low as $380.01 and last traded at $368.9110. Approximately 918,397 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 1,326,341 shares. The stock had previously closed at $395.77.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CAR shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Deutsche Bank Aktiengesellschaft downgraded shares of Avis Budget Group from a “buy” rating to a “hold” rating and set a $128.00 target price for the company. in a research report on Monday, April 6th. Barclays dropped their price target on shares of Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 26th. Zacks Research lowered shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. Finally, Morgan Stanley dropped their price target on shares of Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating on the stock in a research note on Friday, March 6th. Five investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, Avis Budget Group presently has an average rating of “Reduce” and an average target price of $115.00.

Avis Budget Group Trading Up 8.0%

The stock has a market cap of $15.11 billion, a P/E ratio of -16.84 and a beta of 1.94. The firm’s fifty day moving average is $145.95 and its 200 day moving average is $139.10.

Insider Buying and Selling at Avis Budget Group

In other news, major shareholder Pentwater Capital Management L bought 425,000 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were purchased at an average price of $94.26 per share, for a total transaction of $40,060,500.00. Following the acquisition, the insider directly owned 3,987,100 shares of the company’s stock, valued at $375,824,046. The trade was a 11.93% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Lynn Krominga sold 1,950 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was 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. Company insiders own 50.48% of the company’s stock.

Institutional Trading of Avis Budget Group

Several hedge funds and other institutional investors have recently bought and sold shares of CAR. Royal Bank of Canada grew its position in Avis Budget Group by 414.0% in the 1st quarter. Royal Bank of Canada now owns 17,860 shares of the business services provider’s stock worth $1,355,000 after purchasing an additional 14,385 shares during the last quarter. Empowered Funds LLC grew its position in Avis Budget Group by 10.1% in the 1st quarter. Empowered Funds LLC now owns 3,749 shares of the business services provider’s stock worth $285,000 after purchasing an additional 343 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Avis Budget Group by 16.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,023 shares of the business services provider’s stock worth $4,935,000 after purchasing an additional 9,246 shares during the last quarter. Prudential Financial Inc. bought a new position in shares of Avis Budget Group during the 2nd quarter worth about $352,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Avis Budget Group by 19.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock worth $72,000 after acquiring an additional 70 shares during the period. 96.35% of the stock is currently owned by institutional investors and hedge funds.

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.