Avis Budget Group (NASDAQ:CAR) Trading Down 5.2% – Here’s Why

Avis Budget Group, Inc. (NASDAQ:CAR)’s stock price dropped 5.2% during mid-day trading on Wednesday . The stock traded as low as $130.61 and last traded at $127.8850. Approximately 182,486 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 1,111,780 shares. The stock had previously closed at $134.90.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Susquehanna decreased their price target on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating on the stock in a report on Wednesday, October 29th. Morgan Stanley reiterated an “equal weight” rating and set a $142.00 price objective (up previously from $115.00) on shares of Avis Budget Group in a research report on Monday, December 8th. Barclays reduced their target price on shares of Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Monday, November 3rd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Avis Budget Group from $155.00 to $157.00 and gave the company a “neutral” rating in a report on Monday, October 20th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Avis Budget Group has an average rating of “Reduce” and an average price target of $137.57.

Avis Budget Group Price Performance

The stock has a market capitalization of $4.50 billion, a P/E ratio of -2.14 and a beta of 2.29. The stock’s fifty day moving average price is $136.97 and its 200 day moving average price is $153.37.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Monday, October 27th. The business services provider reported $10.11 earnings per share for the quarter, beating analysts’ consensus estimates of $8.11 by $2.00. The company had revenue of $3.52 billion for the quarter, compared to the consensus estimate of $3.47 billion. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.65 EPS. On average, sell-side analysts expect that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CAR. Nuveen LLC purchased a new position in shares of Avis Budget Group during the 1st quarter worth approximately $2,838,000. Russell Investments Group Ltd. grew its holdings in Avis Budget Group by 2,228.9% during the 1st quarter. Russell Investments Group Ltd. now owns 1,770 shares of the business services provider’s stock valued at $134,000 after buying an additional 1,694 shares during the last quarter. Northern Trust Corp increased its position in Avis Budget Group by 5.1% during the first quarter. Northern Trust Corp now owns 164,090 shares of the business services provider’s stock worth $12,454,000 after buying an additional 7,914 shares in the last quarter. Gabelli Funds LLC raised its holdings in shares of Avis Budget Group by 3.6% in the first quarter. Gabelli Funds LLC now owns 29,000 shares of the business services provider’s stock worth $2,201,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Eisler Capital Management Ltd. purchased a new stake in shares of Avis Budget Group in the first quarter valued at $2,157,000. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

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.