Avis Budget Group (NASDAQ:CAR) Director Sells 28,404 Shares of Stock

Avis Budget Group, Inc. (NASDAQ:CAR) Director Lynn Krominga sold 28,404 shares of the business’s stock in a transaction dated Friday, November 6th. The shares were sold at an average price of $120.25, for a total transaction of $3,415,581.00. Following the sale, the director directly owned 1,762 shares of the company’s stock, valued at approximately $211,880.50. This represents a 94.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Avis Budget Group Trading Up 7.4%

CAR traded up $8.82 on Monday, hitting $127.65. 572,148 shares of the company’s stock were exchanged, compared to its average volume of 1,206,116. The firm has a market cap of $4.51 billion, a PE ratio of -5.52 and a beta of 1.94. Avis Budget Group, Inc. has a twelve month low of $85.96 and a twelve month high of $847.70. The stock has a fifty day moving average of $114.17 and a two-hundred day moving average of $152.93.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Tuesday, November 3rd. The business services provider reported $5.15 EPS for the quarter, missing analysts’ consensus estimates of $8.01 by ($2.86). The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.42 billion. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $10.11 EPS. On average, analysts predict that Avis Budget Group, Inc. will post 1.08 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CAR. JPMorgan Chase & Co. reduced their price objective on Avis Budget Group from $105.00 to $85.00 and set an “underweight” rating for the company in a research report on Thursday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avis Budget Group in a research report on Monday, August 17th. Barclays dropped their target price on Avis Budget Group from $160.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Monday, November 2nd. The Goldman Sachs Group raised their target price on Avis Budget Group from $94.00 to $108.00 and gave the company a “sell” rating in a research note on Thursday. Finally, Susquehanna reduced their price target on shares of Avis Budget Group from $140.00 to $125.00 and set a “neutral” rating for the company in a report on Wednesday. Five research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $116.14.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Retirement Systems of Alabama lifted its stake in Avis Budget Group by 1.8% during the third quarter. Retirement Systems of Alabama now owns 17,854 shares of the business services provider’s stock valued at $1,904,000 after buying an additional 318 shares in the last quarter. Fulcrum Asset Management LLP acquired a new position in shares of Avis Budget Group in the third quarter worth about $347,000. Oregon Public Employees Retirement Fund boosted its holdings in shares of Avis Budget Group by 2.9% in the third quarter. Oregon Public Employees Retirement Fund now owns 3,574 shares of the business services provider’s stock worth $381,000 after buying an additional 100 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its holdings in shares of Avis Budget Group by 4.5% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 2,300 shares of the business services provider’s stock worth $245,000 after buying an additional 100 shares during the period. Finally, Inspire Investing LLC boosted its holdings in shares of Avis Budget Group by 27.7% in the third quarter. Inspire Investing LLC now owns 5,916 shares of the business services provider’s stock worth $631,000 after buying an additional 1,285 shares during the period. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Company Profile

Avis Budget Group, Inc is a global vehicle rental provider operating primarily through the Avis and Budget brands. Its services include short- and longer-term car rentals for leisure and business travelers, as well as vehicle rental solutions for businesses and other organizations.

The company also operates Zipcar, a car-sharing service that lets members reserve vehicles for short periods. In the United States, its offerings include Budget Truck rentals. Avis Budget Group serves customers through company-operated locations and licensees across North America and other regions worldwide.

The company was formed in 2006 after Cendant spun off its car rental business.