Avis Budget Group Sees Unusually Large Options Volume (NASDAQ:CAR)

Avis Budget Group, Inc. (NASDAQ:CAR) was the target of some unusual options trading activity on Thursday. Stock traders bought 54,592 put options on the stock. This represents an increase of 798% compared to the typical daily volume of 6,081 put options.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CAR. Susquehanna cut their price objective on shares of Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating for the company in a report on Wednesday, October 29th. Morgan Stanley reiterated an “equal weight” rating and issued a $142.00 price target (up from $115.00) on shares of Avis Budget Group in a research report on Monday, December 8th. Barclays cut their price target on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company in a research note on Monday, November 3rd. JPMorgan Chase & Co. raised their price objective on Avis Budget Group from $155.00 to $157.00 and gave the stock a “neutral” rating in a research note on Monday, October 20th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Avis Budget Group has an average rating of “Reduce” and an average price target of $137.57.

Avis Budget Group Stock Performance

Shares of CAR traded up $0.51 during mid-day trading on Thursday, reaching $127.55. The company had a trading volume of 717,041 shares, compared to its average volume of 480,791. The company’s 50 day simple moving average is $133.11 and its 200 day simple moving average is $153.65. Avis Budget Group has a 1-year low of $54.03 and a 1-year high of $212.81. The company has a market capitalization of $4.49 billion, a price-to-earnings ratio of -2.14 and a beta of 2.31.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Monday, October 27th. The business services provider reported $10.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.11 by $2.00. The company had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same quarter in the prior year, the company earned $6.65 earnings per share. Avis Budget Group’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, equities analysts forecast that Avis Budget Group will post 8.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avis Budget Group

Hedge funds have recently modified their holdings of the company. Deseret Mutual Benefit Administrators grew its holdings in shares of Avis Budget Group by 102.3% during the third quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock worth $28,000 after purchasing an additional 88 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Avis Budget Group by 32.6% in the 2nd quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock valued at $39,000 after purchasing an additional 56 shares during the last quarter. Hantz Financial Services Inc. boosted its position in Avis Budget Group by 136.4% during the third quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider’s stock valued at $41,000 after acquiring an additional 146 shares during the last quarter. American Wealth Advisors LLC acquired a new stake in Avis Budget Group during the third quarter worth approximately $41,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Avis Budget Group by 26.5% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock worth $58,000 after buying an additional 76 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.

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.