Avis Budget Group (NASDAQ:CAR) Stock Price Down 8.2% – Should You Sell?

Avis Budget Group, Inc. (NASDAQ:CAR)’s stock price dropped 8.2% during trading on Friday . The company traded as low as $139.72 and last traded at $139.56. Approximately 106,172 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 1,585,436 shares. The stock had previously closed at $152.00.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CAR shares. Jefferies Financial Group lowered shares of Avis Budget Group from a “buy” rating to a “hold” rating and raised their target price for the company from $112.00 to $160.00 in a research note on Friday, May 1st. 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. Morgan Stanley raised their price target on Avis Budget Group from $97.00 to $99.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $125.00 price objective on shares of Avis Budget Group in a research note on Friday, May 1st. Finally, Zacks Research raised Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 6th. Six research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, Avis Budget Group currently has a consensus rating of “Reduce” and an average target price of $132.75.

Avis Budget Group Stock Down 10.5%

The firm has a market capitalization of $4.80 billion, a P/E ratio of -7.47 and a beta of 1.91. The business has a 50-day moving average price of $168.44 and a 200-day moving average price of $167.33.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Tuesday, July 28th. The business services provider reported $0.98 EPS for the quarter, missing the consensus estimate of $2.05 by ($1.07). The company had revenue of $3 billion during the quarter, compared to analysts’ expectations of $3.10 billion. During the same period in the prior year, the business posted $0.10 earnings per share. Avis Budget Group’s revenue for the quarter was down 1.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Avis Budget Group, Inc. will post 2.91 EPS for the current year.

Institutional Trading of Avis Budget Group

Several institutional investors have recently made changes to their positions in CAR. Caitong International Asset Management Co. Ltd raised its position 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 worth $27,000 after purchasing an additional 203 shares in the last quarter. Quarry LP bought a new stake in shares of Avis Budget Group in the 4th quarter valued at approximately $27,000. Basepoint Wealth LLC acquired a new position in shares of Avis Budget Group in the 4th quarter worth approximately $32,000. Hollencrest Capital Management acquired a new position in shares of Avis Budget Group in the 1st quarter worth approximately $44,000. Finally, Hantz Financial Services Inc. lifted its position in shares of Avis Budget Group by 70.4% during the 4th quarter. Hantz Financial Services Inc. now owns 431 shares of the business services provider’s stock worth $55,000 after buying an additional 178 shares during the period. 96.35% of the stock is currently 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.