Avis Budget Group Sees Unusually Large Options Volume (NASDAQ:CAR)

Avis Budget Group, Inc. (NASDAQ:CAR) saw unusually large options trading on Wednesday. Traders bought 43,035 put options on the company. This is an increase of approximately 727% compared to the average volume of 5,205 put options.

Avis Budget Group Trading Down 5.2%

Avis Budget Group stock opened at $127.89 on Thursday. The company has a market cap of $4.50 billion, a PE 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 company’s 50-day moving average is $137.44 and its two-hundred day moving average is $153.55.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Monday, October 27th. The business services provider reported $10.11 EPS for the quarter, topping the consensus estimate of $8.11 by $2.00. The business had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same quarter in the prior year, the firm earned $6.65 EPS. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. Research analysts forecast that Avis Budget Group will post 8.91 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CAR. Deseret Mutual Benefit Administrators boosted its position in shares of Avis Budget Group by 102.3% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock worth $28,000 after purchasing an additional 88 shares during the last quarter. Fifth Third Bancorp lifted its stake in Avis Budget Group by 32.6% in the second quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock valued at $39,000 after buying an additional 56 shares during the period. Hantz Financial Services Inc. boosted its holdings in Avis Budget Group by 136.4% during the third quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider’s stock worth $41,000 after buying an additional 146 shares during the last quarter. American Wealth Advisors LLC bought a new position in Avis Budget Group during the third quarter worth about $41,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Avis Budget Group by 26.5% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock worth $58,000 after buying an additional 76 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on CAR shares. Susquehanna lowered their target price on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating for the company in a research note on Wednesday, October 29th. JPMorgan Chase & Co. increased their price objective on shares of Avis Budget Group from $155.00 to $157.00 and gave the stock a “neutral” rating in a report on Monday, October 20th. Barclays lowered their price objective on shares of Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company in a research report on Monday, November 3rd. Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, October 8th. Finally, Zacks Research raised shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $137.57.

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.