Avis Budget Group (NASDAQ:CAR) Sees Unusually-High Trading Volume

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) saw an uptick in trading volume on Thursday . 346,247 shares changed hands during mid-day trading, a decline of 58% from the previous session’s volume of 826,039 shares.The stock last traded at $123.98 and had previously closed at $121.11.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CAR. The Goldman Sachs Group upgraded shares of Avis Budget Group from a “sell” rating to a “neutral” rating and lifted their price target for the company from $118.00 to $130.00 in a report on Thursday. Northcoast Research upgraded shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 price target on the stock in a report on Monday, March 25th. JPMorgan Chase & Co. cut their price target on shares of Avis Budget Group from $280.00 to $240.00 and set an “overweight” rating on the stock in a report on Wednesday, February 14th. Bank of America began coverage on shares of Avis Budget Group in a report on Tuesday, March 19th. They issued a “buy” rating and a $170.00 price target on the stock. Finally, Susquehanna lowered their price objective on Avis Budget Group from $195.00 to $145.00 and set a “neutral” rating for the company in a research report on Wednesday, February 14th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Avis Budget Group has a consensus rating of “Moderate Buy” and an average price target of $182.57.

Avis Budget Group Trading Up 2.5 %

The firm has a fifty day moving average of $127.17 and a 200 day moving average of $161.27. The company has a market capitalization of $4.40 billion, a P/E ratio of 2.84 and a beta of 2.22.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Tuesday, February 13th. The business services provider reported $7.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.15 by $2.95. The company had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.81 billion. Avis Budget Group had a negative return on equity of 696.69% and a net margin of 13.59%. The firm’s revenue was down .3% on a year-over-year basis. During the same period in the previous year, the company posted $10.46 EPS. Sell-side analysts anticipate that Avis Budget Group, Inc. will post 15.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Avis Budget Group

Institutional investors have recently made changes to their positions in the company. HighTower Advisors LLC purchased a new position in Avis Budget Group in the first quarter valued at about $270,000. Great West Life Assurance Co. Can boosted its holdings in Avis Budget Group by 8.1% in the first quarter. Great West Life Assurance Co. Can now owns 26,716 shares of the business services provider’s stock worth $7,275,000 after acquiring an additional 1,999 shares in the last quarter. Bridgewater Associates LP boosted its holdings in Avis Budget Group by 246.2% in the first quarter. Bridgewater Associates LP now owns 6,685 shares of the business services provider’s stock worth $1,760,000 after acquiring an additional 4,754 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Avis Budget Group by 6.5% in the first quarter. Federated Hermes Inc. now owns 11,383 shares of the business services provider’s stock worth $2,997,000 after acquiring an additional 696 shares in the last quarter. Finally, Utah Retirement Systems acquired a new stake in Avis Budget Group in the first quarter worth about $1,369,000. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Company Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.