Shares of Avis Budget Group Inc. (NASDAQ:CAR) traded down 6.3% during trading on Friday . The company traded as low as $32.92 and last traded at $33.23. 1,400,469 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 2,028,421 shares. The stock had previously closed at $35.47.

CAR has been the subject of a number of recent research reports. Zacks Investment Research raised Avis Budget Group from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a report on Thursday, February 28th. BidaskClub cut Avis Budget Group from a “buy” rating to a “hold” rating in a report on Wednesday, March 13th. Deutsche Bank reissued a “buy” rating and issued a $48.00 target price on shares of Avis Budget Group in a report on Monday, February 25th. ValuEngine raised Avis Budget Group from a “strong sell” rating to a “sell” rating in a report on Friday, February 22nd. Finally, Goldman Sachs Group raised Avis Budget Group from a “sell” rating to a “buy” rating and raised their price target for the company from $30.00 to $35.00 in a report on Monday, February 11th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $39.50.

The company has a debt-to-equity ratio of 33.24, a current ratio of 1.27 and a quick ratio of 1.27. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of 9.10 and a beta of 1.95.

Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Wednesday, February 20th. The business services provider reported $0.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.22. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.05 billion. Avis Budget Group had a return on equity of 66.29% and a net margin of 1.81%. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 earnings per share. As a group, equities analysts expect that Avis Budget Group Inc. will post 3.88 EPS for the current fiscal year.

In related news, EVP Michael K. Tucker sold 4,796 shares of Avis Budget Group stock in a transaction dated Tuesday, February 26th. The stock was sold at an average price of $35.50, for a total value of $170,258.00. Following the sale, the executive vice president now owns 66,906 shares of the company’s stock, valued at $2,375,163. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Srs Investment Management, Llc bought 4,189,300 shares of the stock in a transaction that occurred on Friday, February 22nd. The stock was bought at an average cost of $35.33 per share, for a total transaction of $148,007,969.00. The disclosure for this purchase can be found here. Insiders own 1.60% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its holdings in shares of Avis Budget Group by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 749,363 shares of the business services provider’s stock worth $16,845,000 after acquiring an additional 40,079 shares during the period. Norges Bank bought a new stake in shares of Avis Budget Group in the fourth quarter valued at approximately $13,058,000. Dimensional Fund Advisors LP boosted its stake in shares of Avis Budget Group by 3.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,648,885 shares of the business services provider’s stock valued at $37,072,000 after buying an additional 50,078 shares during the period. Amalgamated Bank bought a new stake in shares of Avis Budget Group in the fourth quarter valued at approximately $235,000. Finally, Millennium Management LLC boosted its stake in shares of Avis Budget Group by 353.5% in the fourth quarter. Millennium Management LLC now owns 540,938 shares of the business services provider’s stock valued at $12,160,000 after buying an additional 421,653 shares during the period. 99.35% of the stock is currently owned by institutional investors and hedge funds.

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About Avis Budget Group (NASDAQ:CAR)

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,450 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of approximately 925 dealer-operated and 450 company-operated locations that serve the consumer and light commercial sectors in the continental United States.

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