Avis Budget Group (NASDAQ:CAR) Reaches New 1-Year High – Still a Buy?

Avis Budget Group, Inc. (NASDAQ:CAR)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $214.84 and last traded at $212.60, with a volume of 2485932 shares changing hands. The stock had previously closed at $190.42.

Wall Street Analysts Forecast Growth

CAR has been the topic of several recent analyst reports. Barclays cut 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. Deutsche Bank Aktiengesellschaft cut 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. Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. Morgan Stanley cut 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 report on Friday, March 6th. Finally, The Goldman Sachs Group set a $85.00 price target on shares of Avis Budget Group in a report on Monday, February 23rd. Five research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $115.00.

Avis Budget Group Trading Up 11.6%

The stock has a market cap of $7.50 billion, a P/E ratio of -8.37 and a beta of 1.94. The stock’s fifty day moving average price is $116.57 and its 200 day moving average price is $130.71.

Insiders Place Their Bets

In other Avis Budget Group news, major shareholder Pentwater Capital Management L bought 425,000 shares of the company’s stock in a transaction dated 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 owned 3,987,100 shares in the company, valued at approximately $375,824,046. This represents a 11.93% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Lynn Krominga sold 1,950 shares of the business’s stock in a transaction on Friday, February 20th. The shares were 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. Insiders own 52.80% of the company’s stock.

Institutional Trading of Avis Budget Group

Hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Avis Budget Group by 1,845.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock valued at $27,000 after buying an additional 203 shares in the last quarter. Quarry LP purchased a new position in shares of Avis Budget Group in the 4th quarter worth about $27,000. Deseret Mutual Benefit Administrators raised 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. Basepoint Wealth LLC purchased a new position in shares of Avis Budget Group in the 4th quarter worth about $32,000. Finally, Hantz Financial Services Inc. raised its position in shares of Avis Budget Group by 136.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider’s stock worth $41,000 after purchasing an additional 146 shares during the last quarter. Institutional investors own 96.35% of the company’s stock.

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.