Avis Budget Group (NASDAQ:CAR) Shares Gap Up Following Analyst Upgrade

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) gapped up prior to trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $155.00 to $170.00. The stock had previously closed at $186.28, but opened at $193.20. JPMorgan Chase & Co. currently has an underweight rating on the stock. Avis Budget Group shares last traded at $195.92, with a volume of 112,444 shares changing hands.

CAR has been the topic of several other reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $125.00 target price on shares of Avis Budget Group in a research note on Friday, May 1st. The Goldman Sachs Group set a $85.00 price target on Avis Budget Group in a research note on Monday, February 23rd. Jefferies Financial Group downgraded Avis Budget Group from a “buy” rating to a “hold” rating and increased their price target for the stock from $112.00 to $160.00 in a report on Friday, May 1st. Morgan Stanley boosted their price objective on shares of Avis Budget Group from $97.00 to $99.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 20th. Finally, Wall Street Zen raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Six research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, Avis Budget Group has a consensus rating of “Reduce” and an average price target of $131.50.

Insider Buying and Selling

In other Avis Budget Group news, major shareholder Pentwater Capital Management L sold 3,347 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $438.74, for a total value of $1,468,462.78. Following the completion of the transaction, the insider owned 6,177,100 shares in the company, valued at approximately $2,710,140,854. This represents a 0.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Edward P. Linnen sold 9,483 shares of the firm’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $182.32, for a total value of $1,728,940.56. Following the completion of the sale, the executive vice president directly owned 37,932 shares of the company’s stock, valued at approximately $6,915,762.24. This trade represents a 20.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 16,299 shares of company stock valued at $3,836,012 over the last quarter. Company insiders own 50.48% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd increased its holdings in Avis Budget Group by 1,845.5% in the fourth 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 acquired a new stake in shares of Avis Budget Group in the 4th quarter worth approximately $27,000. Basepoint Wealth LLC acquired a new stake in shares of Avis Budget Group in the 4th quarter worth approximately $32,000. American Wealth Advisors LLC purchased a new position in Avis Budget Group in the 3rd quarter valued at approximately $41,000. Finally, Hollencrest Capital Management acquired a new position in Avis Budget Group during the first quarter worth $44,000. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Avis Budget Group Stock Up 5.1%

The firm has a fifty day moving average of $225.26 and a 200-day moving average of $161.48. The stock has a market capitalization of $6.92 billion, a price-to-earnings ratio of -10.27 and a beta of 1.87.

Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter last year, the business earned ($14.35) earnings per share. The business’s revenue was up 4.1% compared to the same quarter last year. As a group, research analysts forecast that Avis Budget Group, Inc. will post 2.93 EPS for the current fiscal year.

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.