Avis Budget Group (NASDAQ:CAR) Stock: Insider Glenn Lurie Sells 6,101 Shares

Avis Budget Group, Inc. (NASDAQ:CAR) Director Glenn Lurie sold 6,101 shares of the business’s stock in a transaction on Friday, November 6th. The stock was sold at an average price of $120.38, for a total value of $734,438.38. Following the sale, the director owned 11,508 shares of the company’s stock, valued at approximately $1,385,333.04. The trade was a 34.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Avis Budget Group Trading Up 7.4%

Shares of CAR traded up $8.82 during trading hours on Monday, hitting $127.65. 572,148 shares of the stock traded hands, compared to its average volume of 1,206,116. Avis Budget Group, Inc. has a 1-year low of $85.96 and a 1-year high of $847.70. The firm has a market capitalization of $4.51 billion, a PE ratio of -5.52 and a beta of 1.94. The business has a fifty day moving average of $114.17 and a 200-day moving average of $152.93.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Tuesday, November 3rd. The business services provider reported $5.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.01 by ($2.86). The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.42 billion. The firm’s revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the company posted $10.11 EPS. As a group, equities research analysts expect that Avis Budget Group, Inc. will post 1.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CAR shares. Morgan Stanley reduced their target price on shares of Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Friday, September 11th. Barclays lowered their price target on shares of Avis Budget Group from $160.00 to $115.00 and set an “equal weight” rating for the company in a research report on Monday, November 2nd. Susquehanna dropped 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 research note on Wednesday. The Goldman Sachs Group increased their price objective on shares of Avis Budget Group from $94.00 to $108.00 and gave the company a “sell” rating in a report on Thursday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avis Budget Group in a research note on Monday, August 17th. Five analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $116.14.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CAR. Hollencrest Capital Management bought a new stake in Avis Budget Group in the first quarter valued at about $44,000. Allworth Financial LP acquired a new position in Avis Budget Group in the second quarter valued at about $77,000. Nykredit A S bought a new position in Avis Budget Group during the second quarter worth about $80,000. Parallel Advisors LLC boosted its holdings in Avis Budget Group by 11.6% during the first quarter. Parallel Advisors LLC now owns 587 shares of the business services provider’s stock worth $86,000 after buying an additional 61 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new position in shares of Avis Budget Group during the 2nd quarter worth about $145,000. 96.35% of the stock is currently owned by institutional investors.

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.