Investors Purchase High Volume of Avis Budget Group Put Options (NASDAQ:CAR)

Avis Budget Group, Inc. (NASDAQ:CAR) was the target of some unusual options trading activity on Thursday. Stock traders acquired 54,592 put options on the company. This represents an increase of approximately 798% compared to the average volume of 6,081 put options.

Avis Budget Group Stock Performance

Shares of NASDAQ CAR traded up $0.51 during midday trading on Thursday, reaching $127.55. 717,041 shares of the company traded hands, compared to its average volume of 480,791. Avis Budget Group has a 12 month low of $54.03 and a 12 month high of $212.81. The stock’s 50-day simple moving average is $133.11 and its 200-day simple moving average is $153.65. The firm has a market cap of $4.49 billion, a PE ratio of -2.14 and a beta of 2.31.

Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Monday, October 27th. The business services provider reported $10.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.11 by $2.00. The firm had revenue of $3.52 billion during the quarter, compared to the consensus estimate of $3.47 billion. The business’s revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the firm posted $6.65 EPS. On average, equities research analysts expect that Avis Budget Group will post 8.91 EPS for the current year.

Institutional Trading of Avis Budget Group

Institutional investors have recently bought and sold shares of the business. Deseret Mutual Benefit Administrators grew its position in shares of Avis Budget Group by 102.3% in the third quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 88 shares during the last quarter. Fifth Third Bancorp lifted its holdings in Avis Budget Group by 32.6% during the 2nd quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock worth $39,000 after purchasing an additional 56 shares during the last quarter. Hantz Financial Services Inc. boosted its stake in Avis Budget Group by 136.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider’s stock valued at $41,000 after purchasing an additional 146 shares during the period. American Wealth Advisors LLC acquired a new position in Avis Budget Group in the 3rd quarter valued at $41,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in Avis Budget Group by 26.5% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock worth $58,000 after buying an additional 76 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.

Wall Street Analysts Forecast Growth

CAR has been the topic of several analyst reports. Barclays lowered 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 report on Monday, November 3rd. JPMorgan Chase & Co. increased their price objective on Avis Budget Group from $155.00 to $157.00 and gave the company a “neutral” rating in a report on Monday, October 20th. Zacks Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, October 8th. Finally, Susquehanna dropped their price target on shares of Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 29th. 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 company. According to MarketBeat.com, Avis Budget Group has a consensus rating of “Reduce” and a consensus target price of $137.57.

Avis Budget Group Company Profile

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.