Avis Budget Group (NASDAQ:CAR) Stock Price Down 6.7% – Here’s What Happened

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) traded down 6.7% during trading on Monday . The stock traded as low as $155.93 and last traded at $155.2750. Approximately 205,005 shares were traded during mid-day trading, a decline of 88% from the average session volume of 1,770,620 shares. The stock had previously closed at $166.49.

Analysts Set New Price Targets

Several research analysts have issued reports on CAR shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avis Budget Group in a research note on Wednesday, May 20th. JPMorgan Chase & Co. upped their target price on shares of Avis Budget Group from $155.00 to $170.00 and gave the stock an “underweight” rating in a report on Tuesday, June 23rd. Barclays set a $160.00 target price on shares of Avis Budget Group and gave the stock an “equal weight” rating in a research report on Monday, June 8th. Susquehanna lifted their price target on shares of Avis Budget Group from $105.00 to $140.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $125.00 price target on shares of Avis Budget Group in a research report on Friday, May 1st. Six investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $131.50.

Avis Budget Group Stock Performance

The stock has a market cap of $5.52 billion, a P/E ratio of -8.18 and a beta of 1.87. The company has a 50-day simple moving average of $209.64 and a 200-day simple moving average of $162.62.

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

Insiders Place Their Bets

In other Avis Budget Group news, EVP Edward P. Linnen sold 9,483 shares of the firm’s stock in a transaction dated 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 owned 37,932 shares in the company, valued at approximately $6,915,762.24. This trade represents a 20.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Pentwater Capital Management L sold 3,347 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $438.74, for a total transaction of $1,468,462.78. Following the completion of the transaction, the insider directly owned 6,177,100 shares of the company’s stock, valued at approximately $2,710,140,854. This represents a 0.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 16,299 shares of company stock valued at $3,836,012 in the last 90 days. 50.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd boosted its position in Avis Budget Group by 1,845.5% in 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 during the last quarter. Quarry LP bought a new stake in shares of Avis Budget Group during the fourth quarter worth $27,000. Basepoint Wealth LLC acquired a new position in shares of Avis Budget Group during the fourth quarter valued at $32,000. American Wealth Advisors LLC acquired a new position in shares of Avis Budget Group during the third quarter valued at $41,000. Finally, Hollencrest Capital Management bought a new position in Avis Budget Group in the first quarter valued at about $44,000. 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.