Avis Budget Group (NASDAQ:CAR) Stock: Insider Lynn Krominga Sells 28,404 Shares

Avis Budget Group, Inc. (NASDAQ:CAR) Director Lynn Krominga sold 28,404 shares of Avis Budget Group stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $120.25, for a total value of $3,415,581.00. Following the sale, the director directly owned 1,762 shares in the company, valued at approximately $211,880.50. This trade represents a 94.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Avis Budget Group Stock Down 2.8%

Shares of CAR opened at $124.08 on Wednesday. The stock has a market cap of $4.38 billion, a price-to-earnings ratio of -5.36 and a beta of 1.94. The company has a 50-day moving average price of $113.49 and a two-hundred day moving average price of $152.93. Avis Budget Group, Inc. has a 12 month low of $85.96 and a 12 month high of $847.70.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Tuesday, November 3rd. The business services provider reported $5.15 EPS for the quarter, missing analysts’ consensus estimates of $8.01 by ($2.86). The business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.42 billion. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $10.11 EPS. Equities research analysts expect that Avis Budget Group, Inc. will post 1.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Avis Budget Group

Large investors have recently made changes to their positions in the company. Pentwater Capital Management LP bought a new position in Avis Budget Group in the second quarter valued at about $371,541,000. Hsbc Holdings PLC acquired a new position in Avis Budget Group during the 2nd quarter valued at about $247,773,000. BlackRock Inc. acquired a new position in Avis Budget Group during the 2nd quarter valued at about $245,413,000. Cibc World Market Inc. bought a new position in shares of Avis Budget Group in the 2nd quarter valued at about $73,915,000. Finally, Mizuho Markets Americas LLC boosted its stake in shares of Avis Budget Group by 7.4% in the 1st quarter. Mizuho Markets Americas LLC now owns 400,000 shares of the business services provider’s stock valued at $58,340,000 after purchasing an additional 27,500 shares during the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CAR shares. Zacks Research cut Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Monday, October 19th. Susquehanna cut their price target on Avis Budget Group from $140.00 to $125.00 and set a “neutral” rating for the company in a report on Wednesday, November 4th. The Goldman Sachs Group upped their price target on shares of Avis Budget Group from $94.00 to $108.00 and gave the stock a “sell” rating in a research report on Thursday, November 5th. Morgan Stanley reduced their price target on shares of Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Friday, September 11th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Avis Budget Group from $105.00 to $85.00 and set an “underweight” rating on the stock in a report on Thursday, November 5th. Five research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $116.14.

About Avis Budget Group

Avis Budget Group, Inc. is a global vehicle rental provider operating primarily through the Avis and Budget brands. Its services include short- and longer-term car rentals for leisure and business travelers, as well as vehicle rental solutions for businesses and other organizations. The company also operates Zipcar, a car-sharing service that lets members reserve vehicles for short periods. In the United States, its offerings include Budget Truck rentals. Avis Budget Group serves customers through company-operated locations and licensees across North America and other regions worldwide.