Avis Budget Group (NASDAQ:CAR) Stock Price Down 5.9% – Here’s What Happened

Avis Budget Group, Inc. (NASDAQ:CAR)’s share price fell 5.9% during mid-day trading on Friday . The company traded as low as $275.01 and last traded at $279.6160. 509,655 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 1,073,699 shares. The stock had previously closed at $297.08.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CAR. Barclays lowered 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 report 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 on the stock. in a report on Monday, April 6th. Weiss Ratings reissued a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. Finally, Morgan Stanley lowered their price objective on Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating on the stock in a research report on Friday, March 6th. Five analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $115.00.

Avis Budget Group Stock Up 1.0%

The stock has a 50-day simple moving average of $129.57 and a two-hundred day simple moving average of $134.26. The firm has a market cap of $10.60 billion, a PE ratio of -11.81 and a beta of 1.94.

Insider Transactions at Avis Budget Group

In other Avis Budget Group news, Director Lynn Krominga sold 1,950 shares of the firm’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $91.54, for a total transaction of $178,503.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Pentwater Capital Management L purchased 425,000 shares of the stock in a transaction 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 transaction, the insider directly owned 3,987,100 shares of the company’s stock, valued at approximately $375,824,046. This represents a 11.93% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 52.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. UBS Group AG raised its stake in shares of Avis Budget Group by 37.3% during the fourth quarter. UBS Group AG now owns 2,964,807 shares of the business services provider’s stock worth $380,444,000 after acquiring an additional 804,814 shares in the last quarter. Morgan Stanley raised its stake in shares of Avis Budget Group by 38.1% during the fourth quarter. Morgan Stanley now owns 1,975,675 shares of the business services provider’s stock worth $253,519,000 after acquiring an additional 545,574 shares in the last quarter. National Bank of Canada FI raised its stake in shares of Avis Budget Group by 46.6% during the third quarter. National Bank of Canada FI now owns 1,290,000 shares of the business services provider’s stock worth $207,142,000 after acquiring an additional 409,761 shares in the last quarter. ING Groep NV raised its stake in shares of Avis Budget Group by 440.2% during the third quarter. ING Groep NV now owns 1,035,000 shares of the business services provider’s stock worth $166,195,000 after acquiring an additional 843,400 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Avis Budget Group by 1.0% during the second 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. 96.35% of the stock is owned by hedge funds and other institutional investors.

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.