Avis Budget Group (NASDAQ:CAR) Trading Down 8.5% – What’s Next?

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) traded down 8.5% on Monday . The company traded as low as $88.57 and last traded at $88.3180. 178,452 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 661,214 shares. The stock had previously closed at $96.47.

Analyst Ratings Changes

A number of equities research analysts recently commented on CAR shares. Barclays dropped their target price on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Monday, November 3rd. The Goldman Sachs Group set a $85.00 price objective on shares of Avis Budget Group in a report on Monday. Weiss Ratings reissued a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. Susquehanna decreased their target price on shares of Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating for the company in a research report on Wednesday, October 29th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $142.00 price target (up from $115.00) on shares of Avis Budget Group in a research report on Monday, December 8th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $134.71.

Avis Budget Group Stock Down 9.1%

The company’s 50-day moving average is $123.10 and its 200 day moving average is $139.24. The company has a market cap of $3.09 billion, a price-to-earnings ratio of -3.45 and a beta of 2.33.

Hedge Funds Weigh In On Avis Budget Group

A number of large investors have recently bought and sold shares of CAR. First Citizens Bank & Trust Co. grew its holdings in Avis Budget Group by 1.8% in the fourth quarter. First Citizens Bank & Trust Co. now owns 7,754 shares of the business services provider’s stock valued at $995,000 after purchasing an additional 137 shares during the period. Empowered Funds LLC lifted its position in shares of Avis Budget Group by 6.0% during the 4th quarter. Empowered Funds LLC now owns 3,417 shares of the business services provider’s stock valued at $438,000 after buying an additional 192 shares in the last quarter. nVerses Capital LLC acquired a new stake in Avis Budget Group in the 4th quarter valued at $236,000. VARCOV Co. acquired a new stake in Avis Budget Group in the 4th quarter valued at $331,000. Finally, SummitTX Capital L.P. increased its holdings in Avis Budget Group by 155.8% in the 4th quarter. SummitTX Capital L.P. now owns 14,350 shares of the business services provider’s stock worth $1,841,000 after acquiring an additional 8,740 shares in the last quarter. Institutional investors and hedge funds 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.