Avis Budget Group (NASDAQ:CAR) Stock: Insider Glenn Lurie Sells 6,101 Shares

Avis Budget Group, Inc. (NASDAQ:CAR) Director Glenn Lurie sold 6,101 shares of the company’s stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $120.38, for a total value of $734,438.38. Following the completion of the transaction, the director directly owned 11,508 shares in the company, valued at $1,385,333.04. This trade represents a 34.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Avis Budget Group Trading Down 2.8%

Shares of CAR opened at $124.08 on Wednesday. The company has a market cap of $4.38 billion, a price-to-earnings ratio of -5.36 and a beta of 1.94. The business’s fifty day simple moving average is $113.49 and its two-hundred day simple moving average is $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 posted its quarterly earnings results on Tuesday, November 3rd. The business services provider reported $5.15 earnings per share for the quarter, missing the consensus estimate of $8.01 by ($2.86). The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.42 billion. Avis Budget Group’s revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the company earned $10.11 EPS. As a group, research analysts forecast that Avis Budget Group, Inc. will post 1.08 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on CAR shares. Susquehanna lowered their target price on shares of Avis Budget Group from $140.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 4th. Morgan Stanley reduced their price target on shares of Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating for the company in a research note on Friday, September 11th. Zacks Research lowered shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a research note on Monday, October 19th. The Goldman Sachs Group boosted their price objective on shares of Avis Budget Group from $94.00 to $108.00 and gave the company a “sell” rating in a report on Thursday, November 5th. Finally, Wall Street Zen downgraded shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Five analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, Avis Budget Group has a consensus rating of “Reduce” and a consensus target price of $116.14.

Hedge Funds Weigh In On Avis Budget Group

Institutional investors and hedge funds have recently modified their holdings of the company. Hollencrest Capital Management purchased a new stake in Avis Budget Group during the first quarter valued at $44,000. Allworth Financial LP bought a new position in shares of Avis Budget Group in the 2nd quarter worth approximately $77,000. Nykredit A S bought a new position in shares of Avis Budget Group in the 2nd quarter worth approximately $80,000. Parallel Advisors LLC boosted its holdings in shares of Avis Budget Group by 11.6% in the first quarter. Parallel Advisors LLC now owns 587 shares of the business services provider’s stock worth $86,000 after buying an additional 61 shares during the last quarter. Finally, Freestone Grove Partners LP purchased a new position in shares of Avis Budget Group in the second quarter worth approximately $145,000. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Avis Budget Group Company Profile

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.