Avis Budget Group (NASDAQ:CAR) Sets New 12-Month High – Should You Buy?

Avis Budget Group, Inc. (NASDAQ:CAR) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $327.31 and last traded at $302.1860, with a volume of 747273 shares. The stock had previously closed at $299.94.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CAR. Wall Street Zen cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Barclays cut their target price on shares of Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, February 26th. Deutsche Bank Aktiengesellschaft cut shares of Avis Budget Group from a “buy” rating to a “hold” rating and set a $128.00 target price for the company. in a research note on Monday, April 6th. Morgan Stanley cut their target price on shares of Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating for the company in a research note on Friday, March 6th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, January 21st. Five investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, Avis Budget Group presently has a consensus rating of “Reduce” and a consensus target price of $115.00.

Avis Budget Group Stock Performance

The company has a market capitalization of $11.22 billion, a price-to-earnings ratio of -12.51 and a beta of 1.94. The firm has a fifty day moving average price of $129.57 and a 200-day moving average price of $134.07.

Insider Buying and Selling at Avis Budget Group

In other news, Director Lynn Krominga sold 1,950 shares of the 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Pentwater Capital Management L bought 425,000 shares of Avis Budget Group stock in a transaction dated Friday, February 20th. The shares were bought at an average cost 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 $375,824,046. This represents a 11.93% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 50.48% of the company’s stock.

Hedge Funds Weigh In On Avis Budget Group

Several hedge funds and other institutional investors have recently made changes to their positions in CAR. Royal Bank of Canada raised its position in shares of Avis Budget Group by 414.0% in the 1st quarter. Royal Bank of Canada now owns 17,860 shares of the business services provider’s stock valued at $1,355,000 after buying an additional 14,385 shares in the last quarter. Empowered Funds LLC raised its position in shares of Avis Budget Group by 10.1% in the 1st quarter. Empowered Funds LLC now owns 3,749 shares of the business services provider’s stock valued at $285,000 after buying an additional 343 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised 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 valued at $4,935,000 after buying an additional 9,246 shares in the last quarter. Prudential Financial Inc. acquired a new position in shares of Avis Budget Group in the 2nd quarter valued at approximately $352,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Avis Budget Group by 19.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock valued at $72,000 after buying an additional 70 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors and hedge funds.

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.