Avis Budget Group (NASDAQ:CAR) Stock Price Down 8.2% – Time to Sell?

Avis Budget Group, Inc. (NASDAQ:CAR) dropped 8.2% during mid-day trading on Friday . The company traded as low as $139.72 and last traded at $139.56. 106,172 shares were traded during trading, a decline of 93% from the average session volume of 1,585,436 shares. The stock had previously closed at $152.00.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group lifted their price target on Avis Budget Group from $85.00 to $95.00 and gave the company a “sell” rating in a research report on Friday, July 24th. Barclays set a $160.00 price objective on Avis Budget Group and gave the company an “equal weight” rating in a report on Monday, June 8th. Susquehanna lifted their target price on Avis Budget Group from $105.00 to $140.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $125.00 target price on shares of Avis Budget Group in a report on Friday, May 1st. Finally, JPMorgan Chase & Co. upped their price target on shares of Avis Budget Group from $155.00 to $170.00 and gave the company an “underweight” rating in a report on Tuesday, June 23rd. Six investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $132.75.

Avis Budget Group Stock Down 9.6%

The stock has a market cap of $4.86 billion, a price-to-earnings ratio of -7.56 and a beta of 1.91. The company’s 50-day simple moving average is $167.85 and its 200-day simple moving average is $167.12.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Tuesday, July 28th. The business services provider reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($1.07). The business had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.10 billion. During the same quarter in the prior year, the company earned $0.10 earnings per share. The business’s quarterly revenue was down 1.3% compared to the same quarter last year. As a group, analysts expect that Avis Budget Group, Inc. will post 2.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Avis Budget Group

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Empowered Funds LLC boosted its position in shares of Avis Budget Group by 30.8% in the 1st quarter. Empowered Funds LLC now owns 4,471 shares of the business services provider’s stock valued at $652,000 after purchasing an additional 1,054 shares during the period. Parallel Advisors LLC increased its stake in Avis Budget Group by 11.6% in the 1st quarter. Parallel Advisors LLC now owns 587 shares of the business services provider’s stock worth $86,000 after purchasing an additional 61 shares in the last quarter. California State Teachers Retirement System increased its stake in Avis Budget Group by 30.8% in the 1st quarter. California State Teachers Retirement System now owns 21,481 shares of the business services provider’s stock worth $3,133,000 after purchasing an additional 5,055 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Avis Budget Group by 1.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 180,400 shares of the business services provider’s stock worth $26,311,000 after buying an additional 1,700 shares during the period. Finally, Mizuho Markets Americas LLC raised its holdings in Avis Budget Group by 7.4% during the 1st quarter. Mizuho Markets Americas LLC now owns 400,000 shares of the business services provider’s stock worth $58,340,000 after buying an additional 27,500 shares during the period. 96.35% of the stock is owned by institutional investors and hedge funds.

About Avis Budget Group

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.