Avis Budget Group (NASDAQ:CAR) Stock Price Up 4.6%

Avis Budget Group, Inc. (NASDAQ:CARGet Rating)’s share price rose 4.6% during mid-day trading on Wednesday . The stock traded as high as $157.45 and last traded at $156.93. Approximately 10,511 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 1,052,844 shares. The stock had previously closed at $150.00.

Analyst Ratings Changes

CAR has been the subject of several research reports. StockNews.com lowered shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Avis Budget Group from $184.00 to $229.00 in a research note on Wednesday, August 3rd. Barclays decreased their price target on shares of Avis Budget Group from $223.00 to $158.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 5th. Finally, Morgan Stanley increased their price target on shares of Avis Budget Group from $140.00 to $150.00 and gave the stock an “underweight” rating in a research note on Thursday, August 4th. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $193.40.

Avis Budget Group Stock Performance

The company’s 50-day moving average is $168.63 and its 200 day moving average is $201.08. The company has a market capitalization of $6.68 billion, a PE ratio of 3.27 and a beta of 2.13.

Avis Budget Group (NASDAQ:CARGet Rating) last announced its quarterly earnings results on Monday, August 1st. The business services provider reported $15.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $12.22 by $3.72. The firm had revenue of $3.24 billion for the quarter, compared to the consensus estimate of $3.14 billion. Avis Budget Group had a net margin of 21.02% and a negative return on equity of 477.68%. The business’s quarterly revenue was up 36.8% compared to the same quarter last year. During the same quarter last year, the firm posted $5.90 EPS. On average, analysts forecast that Avis Budget Group, Inc. will post 47.02 EPS for the current fiscal year.

Insider Activity

In other news, Director Glenn Lurie sold 1,474 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $178.94, for a total value of $263,757.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 37.30% of the company’s stock.

Institutional Investors Weigh In On Avis Budget Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Amundi raised its position in shares of Avis Budget Group by 9.4% during the second quarter. Amundi now owns 2,298 shares of the business services provider’s stock valued at $347,000 after buying an additional 198 shares during the last quarter. Captrust Financial Advisors raised its position in shares of Avis Budget Group by 39.7% during the second quarter. Captrust Financial Advisors now owns 795 shares of the business services provider’s stock valued at $117,000 after buying an additional 226 shares during the last quarter. ExodusPoint Capital Management LP raised its position in shares of Avis Budget Group by 1,890.9% during the second quarter. ExodusPoint Capital Management LP now owns 30,500 shares of the business services provider’s stock valued at $4,486,000 after buying an additional 28,968 shares during the last quarter. Walleye Capital LLC raised its position in shares of Avis Budget Group by 235.1% during the second quarter. Walleye Capital LLC now owns 2,875 shares of the business services provider’s stock valued at $423,000 after buying an additional 2,017 shares during the last quarter. Finally, Centiva Capital LP bought a new stake in shares of Avis Budget Group during the second quarter valued at approximately $1,623,000. Institutional investors own 98.69% of the company’s stock.

About Avis Budget Group

(Get Rating)

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated and 385 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.

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