Avis Budget Group (NASDAQ:CAR) Shares Up 9% – Time to Buy?

Avis Budget Group, Inc. (NASDAQ:CAR)’s share price shot up 9% on Tuesday . The stock traded as high as $116.00 and last traded at $116.8970. 321,892 shares were traded during mid-day trading, a decline of 54% from the average session volume of 694,128 shares. The stock had previously closed at $107.28.

Analysts Set New Price Targets

CAR has been the subject of several research reports. Barclays lowered their price objective on shares of Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, February 26th. Morgan Stanley reduced their target price on shares of Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating for the company in a research note on Friday, March 6th. Zacks Research cut Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. Wall Street Zen downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Finally, The Goldman Sachs Group set a $85.00 price target on Avis Budget Group in a report on Monday, February 23rd. One analyst has rated the stock with a Buy rating, four have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $124.71.

Avis Budget Group Stock Up 13.0%

The stock’s fifty day moving average price is $109.66 and its 200-day moving average price is $130.27. The company has a market capitalization of $4.92 billion, a price-to-earnings ratio of -5.50 and a beta of 2.32.

Insider Activity

In other Avis Budget Group news, major shareholder Pentwater Capital Management L purchased 425,000 shares of the business’s stock in a transaction on Friday, February 20th. The shares were purchased at an average cost of $94.26 per share, with a total value of $40,060,500.00. Following the transaction, the insider directly owned 3,987,100 shares of the company’s stock, valued at $375,824,046. This represents a 11.93% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lynn Krominga sold 1,950 shares of the stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $91.54, for a total transaction of $178,503.00. The disclosure for this sale is available in the SEC filing. Insiders own 52.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. boosted its holdings in shares of Avis Budget Group by 40.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 539,395 shares of the business services provider’s stock valued at $69,215,000 after buying an additional 154,994 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its holdings in Avis Budget Group by 1,443.0% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 15,955 shares of the business services provider’s stock worth $2,562,000 after buying an additional 14,921 shares during the last quarter. Intech Investment Management LLC increased its holdings in Avis Budget Group by 203.8% during the third quarter. Intech Investment Management LLC now owns 37,467 shares of the business services provider’s stock worth $6,016,000 after buying an additional 25,135 shares during the last quarter. Retirement Systems of Alabama raised its position in Avis Budget Group by 49.3% during the third quarter. Retirement Systems of Alabama now owns 30,825 shares of the business services provider’s stock worth $4,950,000 after acquiring an additional 10,179 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Avis Budget Group during the third quarter worth $2,726,000. 96.35% of the stock is owned by institutional investors and hedge funds.

About Avis Budget Group

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.