Avis Budget Group (NASDAQ:CAR) Stock Price Down 7.4%

Avis Budget Group, Inc. (NASDAQ:CARGet Rating)’s share price traded down 7.4% on Friday . The stock traded as low as $148.33 and last traded at $149.75. 5,861 shares changed hands during trading, a decline of 99% from the average session volume of 956,423 shares. The stock had previously closed at $161.70.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. StockNews.com downgraded Avis Budget Group from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. Barclays dropped their price target on Avis Budget Group from $223.00 to $158.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 5th. Morgan Stanley raised their price target on Avis Budget Group from $140.00 to $150.00 and gave the stock an “underweight” rating in a research report on Thursday, August 4th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Avis Budget Group from $184.00 to $229.00 in a research report on Wednesday, August 3rd. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. According to data from MarketBeat.com, Avis Budget Group currently has an average rating of “Hold” and a consensus target price of $193.40.

Avis Budget Group Stock Down 8.9 %

The firm has a fifty day moving average price of $168.96 and a 200-day moving average price of $201.97. The firm has a market cap of $7.08 billion, a price-to-earnings ratio of 3.47 and a beta of 2.13.

Avis Budget Group (NASDAQ:CARGet Rating) last issued its earnings results on Monday, August 1st. The business services provider reported $15.94 earnings per share for the quarter, beating analysts’ consensus estimates of $12.22 by $3.72. Avis Budget Group had a negative return on equity of 477.68% and a net margin of 21.02%. The firm had revenue of $3.24 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter last year, the firm earned $5.90 earnings per share. The firm’s revenue for the quarter was up 36.8% compared to the same quarter last year. Equities research analysts anticipate that Avis Budget Group, Inc. will post 47.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Glenn Lurie sold 1,474 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $178.94, for a total value of $263,757.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 37.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avis Budget Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. CWM LLC boosted its stake in Avis Budget Group by 735.0% in the second quarter. CWM LLC now owns 167 shares of the business services provider’s stock valued at $25,000 after acquiring an additional 147 shares during the period. Ellevest Inc. boosted its position in shares of Avis Budget Group by 130.3% during the second quarter. Ellevest Inc. now owns 205 shares of the business services provider’s stock worth $30,000 after buying an additional 116 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in shares of Avis Budget Group during the fourth quarter worth approximately $33,000. Lindbrook Capital LLC boosted its position in shares of Avis Budget Group by 737.5% during the first quarter. Lindbrook Capital LLC now owns 134 shares of the business services provider’s stock worth $35,000 after buying an additional 118 shares during the period. Finally, TCI Wealth Advisors Inc. boosted its position in shares of Avis Budget Group by 79.5% during the first quarter. TCI Wealth Advisors Inc. now owns 158 shares of the business services provider’s stock worth $42,000 after buying an additional 70 shares during the period. 98.69% of the stock is currently owned by institutional investors and hedge funds.

Avis Budget Group Company Profile

(Get Rating)

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated and 385 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.

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