Avis Budget Group (NASDAQ:CAR) Trading Down 8.1% – What’s Next?

Avis Budget Group, Inc. (NASDAQ:CAR) traded down 8.1% on Monday . The company traded as low as $136.00 and last traded at $136.3970. 1,100,732 shares traded hands during mid-day trading, an increase of 42% from the average session volume of 772,984 shares. The stock had previously closed at $148.45.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Wall Street Zen downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, January 21st. Barclays lowered their price target on 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. The Goldman Sachs Group set a $85.00 target price on shares of Avis Budget Group in a research note on Monday, February 23rd. Finally, Morgan Stanley lowered their target price on shares of Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating on the stock in a report on Friday, March 6th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, Avis Budget Group currently has a consensus rating of “Reduce” and an average target price of $124.71.

Avis Budget Group Price Performance

The business’s 50 day moving average price is $110.42 and its 200-day moving average price is $129.89. The company has a market cap of $4.80 billion, a P/E ratio of -5.39 and a beta of 2.32.

Insiders Place Their Bets

In other Avis Budget Group news, major shareholder Pentwater Capital Management L bought 425,000 shares of the firm’s stock in a transaction dated Friday, February 20th. The shares were bought at an average price of $94.26 per share, for a total transaction of $40,060,500.00. Following the completion of the acquisition, the insider 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Lynn Krominga sold 1,950 shares of the firm’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $91.54, for a total value of $178,503.00. The SEC filing for this sale provides additional information. Company insiders own 52.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd grew its holdings in Avis Budget Group by 1,845.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock worth $27,000 after acquiring an additional 203 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Avis Budget Group by 138.3% in the fourth quarter. Pacer Advisors Inc. now owns 5,294 shares of the business services provider’s stock worth $679,000 after acquiring an additional 3,072 shares during the last quarter. First Citizens Bank & Trust Co. lifted its position in shares of Avis Budget Group by 1.8% during the fourth quarter. First Citizens Bank & Trust Co. now owns 7,754 shares of the business services provider’s stock worth $995,000 after purchasing an additional 137 shares in the last quarter. Empowered Funds LLC grew its stake in shares of 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 valued at $438,000 after purchasing an additional 192 shares during the last quarter. Finally, nVerses Capital LLC bought a new stake in shares of Avis Budget Group during the fourth quarter valued at approximately $236,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

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.