Avis Budget Group (NASDAQ:CAR) Shares Gap Down – Here’s What Happened

Avis Budget Group, Inc. (NASDAQ:CAR)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $139.58, but opened at $132.20. Avis Budget Group shares last traded at $135.4630, with a volume of 315,733 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Morgan Stanley decreased their price objective on shares of Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating for the company in a research report on Friday, March 6th. Barclays cut their price target on shares of Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 26th. Zacks Research downgraded Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. Wall Street Zen downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Finally, The Goldman Sachs Group set a $85.00 target price on Avis Budget Group in a research report on Monday, February 23rd. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $124.71.

Avis Budget Group Price Performance

The firm has a market capitalization of $4.89 billion, a price-to-earnings ratio of -5.46 and a beta of 2.32. The business’s fifty day simple moving average is $109.96 and its 200 day simple moving average is $130.34.

Insider Activity

In other Avis Budget Group news, Director Lynn Krominga sold 1,950 shares of the stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $91.54, for a total value of $178,503.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Pentwater Capital Management L acquired 425,000 shares of Avis Budget Group stock in a transaction on Friday, February 20th. The stock was purchased at an average cost of $94.26 per share, with a total value of $40,060,500.00. Following the purchase, the insider directly owned 3,987,100 shares of the company’s stock, valued at approximately $375,824,046. This trade represents a 11.93% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 52.80% of the company’s stock.

Hedge Funds Weigh In On Avis Budget Group

Institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Avis Budget Group by 1,845.5% in the 4th 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. Pacer Advisors Inc. increased its stake in Avis Budget Group by 138.3% during the 4th quarter. Pacer Advisors Inc. now owns 5,294 shares of the business services provider’s stock valued at $679,000 after purchasing an additional 3,072 shares in the last quarter. First Citizens Bank & Trust Co. increased its stake in Avis Budget Group by 1.8% during the 4th quarter. First Citizens Bank & Trust Co. now owns 7,754 shares of the business services provider’s stock valued at $995,000 after purchasing an additional 137 shares in the last quarter. Empowered Funds LLC raised its holdings in Avis Budget Group by 6.0% during the fourth quarter. Empowered Funds LLC now owns 3,417 shares of the business services provider’s stock worth $438,000 after buying an additional 192 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in shares of Avis Budget Group in the fourth quarter valued at $236,000. 96.35% of the stock is 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.