Traders Buy Avis Budget Group (CAR) on Weakness
Investors purchased shares of Avis Budget Group Inc. (NASDAQ:CAR) on weakness during trading hours on Tuesday. $39.45 million flowed into the stock on the tick-up and $11.17 million flowed out of the stock on the tick-down, for a money net flow of $28.28 million into the stock. Of all companies tracked, Avis Budget Group had the 21st highest net in-flow for the day. Avis Budget Group traded down ($0.49) for the day and closed at $44.40
CAR has been the subject of several recent analyst reports. Morgan Stanley boosted their price objective on shares of Avis Budget Group from $18.00 to $21.00 and gave the stock an “underweight” rating in a research report on Friday, September 15th. Credit Suisse Group restated a “hold” rating on shares of Avis Budget Group in a research report on Thursday, September 14th. BidaskClub downgraded shares of Avis Budget Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 3rd. MKM Partners boosted their price objective on shares of Avis Budget Group from $36.00 to $49.00 and gave the stock a “buy” rating in a research report on Thursday, October 12th. Finally, TheStreet raised shares of Avis Budget Group from a “c” rating to a “b-” rating in a report on Friday, November 10th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Avis Budget Group has an average rating of “Buy” and an average price target of $37.70.
The company has a market capitalization of $3,620.00, a price-to-earnings ratio of 32.89 and a beta of 2.53. The company has a debt-to-equity ratio of 35.24, a quick ratio of 1.28 and a current ratio of 1.28.
In other Avis Budget Group news, Director John D. Jr. Hardy sold 831 shares of the business’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $35.36, for a total value of $29,384.16. Following the transaction, the director now directly owns 831 shares of the company’s stock, valued at approximately $29,384.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Srs Investment Management, Llc acquired 3,500,000 shares of the company’s stock in a transaction on Friday, December 8th. The stock was purchased at an average cost of $40.56 per share, for a total transaction of $141,960,000.00. The disclosure for this purchase can be found here. Insiders sold a total of 739,581 shares of company stock worth $30,037,022 over the last ninety days. Corporate insiders own 2.80% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. CNA Financial Corp acquired a new position in Avis Budget Group in the 3rd quarter valued at $945,000. GRT Capital Partners L.L.C. increased its stake in Avis Budget Group by 10.7% in the 2nd quarter. GRT Capital Partners L.L.C. now owns 34,650 shares of the business services provider’s stock valued at $945,000 after buying an additional 3,350 shares during the period. Commonwealth Bank of Australia increased its stake in Avis Budget Group by 196.1% in the 2nd quarter. Commonwealth Bank of Australia now owns 121,700 shares of the business services provider’s stock valued at $3,318,000 after buying an additional 80,600 shares during the period. 1060 Capital LLC acquired a new position in Avis Budget Group in the 3rd quarter valued at $25,874,000. Finally, Eqis Capital Management Inc. acquired a new position in Avis Budget Group in the 3rd quarter valued at $380,000.
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About Avis Budget Group
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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