Avis Budget Group (NASDAQ:CAR) Stock Price Down 5.1% – Here’s Why

Avis Budget Group, Inc. (NASDAQ:CAR)’s share price fell 5.1% on Monday . The stock traded as low as $165.74 and last traded at $165.36. 268,760 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 975,622 shares. The stock had previously closed at $174.22.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CAR. The Goldman Sachs Group cut their price target on shares of Avis Budget Group from $100.00 to $87.00 and set a “neutral” rating for the company in a report on Friday, May 9th. Wall Street Zen upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 3rd. Finally, JPMorgan Chase & Co. lifted their target price on Avis Budget Group from $145.00 to $155.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $117.00.

Avis Budget Group Stock Down 5.1%

The business has a 50-day simple moving average of $116.42 and a 200-day simple moving average of $92.55. The company has a market cap of $5.82 billion, a PE ratio of -2.62 and a beta of 2.11.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Wednesday, May 7th. The business services provider reported ($14.35) EPS for the quarter, missing analysts’ consensus estimates of ($5.72) by ($8.63). Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 18.96%. The company had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.49 billion. During the same period in the prior year, the firm posted ($3.21) earnings per share. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. As a group, equities research analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Avis Budget Group

Several institutional investors have recently made changes to their positions in the stock. Swiss National Bank raised its stake in shares of Avis Budget Group by 0.9% during the 4th quarter. Swiss National Bank now owns 35,100 shares of the business services provider’s stock worth $2,829,000 after buying an additional 300 shares during the last quarter. US Bancorp DE grew its position in shares of Avis Budget Group by 9.6% in the fourth quarter. US Bancorp DE now owns 2,984 shares of the business services provider’s stock valued at $241,000 after purchasing an additional 261 shares during the last quarter. Captrust Financial Advisors purchased a new position in shares of Avis Budget Group during the 4th quarter worth approximately $460,000. Amalgamated Bank grew its holdings in Avis Budget Group by 2.0% during the 4th quarter. Amalgamated Bank now owns 7,973 shares of the business services provider’s stock valued at $643,000 after buying an additional 155 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Avis Budget Group by 21.0% during the 4th quarter. Northern Trust Corp now owns 156,176 shares of the business services provider’s stock valued at $12,589,000 after buying an additional 27,127 shares during the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Avis Budget Group Company Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.