Avis Budget Group (NASDAQ:CAR) Trading Down 8.5% – Here’s Why

Avis Budget Group, Inc. (NASDAQ:CAR) traded down 8.5% on Monday . The stock traded as low as $88.57 and last traded at $88.3180. 178,452 shares were traded during trading, a decline of 73% from the average session volume of 661,214 shares. The stock had previously closed at $96.47.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CAR. Barclays decreased their price target on 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. Susquehanna decreased their target price on 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. Weiss Ratings reissued a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, January 21st. Wall Street Zen downgraded shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Zacks Research lowered shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $134.71.

Avis Budget Group Price Performance

The company has a fifty day moving average price of $120.76 and a two-hundred day moving average price of $138.01. The company has a market capitalization of $3.28 billion, a P/E ratio of -3.66 and a beta of 2.33.

Insider Buying and Selling at Avis Budget Group

In other Avis Budget Group news, major shareholder Pentwater Capital Management L purchased 425,000 shares of the business’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 in the company, 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lynn Krominga sold 1,950 shares of the business’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $91.54, for a total transaction of $178,503.00. The SEC filing for this sale provides additional information. 52.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Avis Budget Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada lifted its stake in shares of Avis Budget Group by 414.0% in the first quarter. Royal Bank of Canada now owns 17,860 shares of the business services provider’s stock worth $1,355,000 after acquiring an additional 14,385 shares during the period. Empowered Funds LLC raised its holdings in Avis Budget Group by 10.1% during the 1st quarter. Empowered Funds LLC now owns 3,749 shares of the business services provider’s stock worth $285,000 after purchasing an additional 343 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Avis Budget Group by 16.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,023 shares of the business services provider’s stock worth $4,935,000 after purchasing an additional 9,246 shares during the period. Ethic Inc. acquired a new position in shares of Avis Budget Group in the 2nd quarter worth approximately $330,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Avis Budget Group in the 2nd quarter valued at $1,297,000. 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.