Avis Budget Group (NASDAQ:CAR) Trading Up 7.1% – Should You Buy?

Avis Budget Group, Inc. (NASDAQ:CAR) shares were up 7.1% during mid-day trading on Thursday . The company traded as high as $174.00 and last traded at $176.85. Approximately 45,944 shares changed hands during trading, a decline of 98% from the average daily volume of 1,974,071 shares. The stock had previously closed at $165.10.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CAR shares. The Goldman Sachs Group set a $85.00 price target on Avis Budget Group in a research report on Monday, February 23rd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $125.00 price target on shares of Avis Budget Group in a research report on Friday, May 1st. Wall Street Zen upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Avis Budget Group in a research note on Wednesday, May 20th. Finally, Barclays decreased their price objective on Avis Budget Group from $150.00 to $140.00 and set an “underweight” rating for the company in a research note on Tuesday, May 5th. Five equities research analysts have rated the stock with a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $125.25.

Avis Budget Group Stock Performance

The stock has a market capitalization of $6.23 billion, a PE ratio of -9.27 and a beta of 1.91. The business has a 50 day moving average of $217.95 and a two-hundred day moving average of $155.60.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($6.82) by ($1.19). The company had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Avis Budget Group’s revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($14.35) EPS. On average, equities analysts expect that Avis Budget Group, Inc. will post 2.93 EPS for the current fiscal year.

Insider Buying and Selling at Avis Budget Group

In other Avis Budget Group news, major shareholder Pentwater Capital Management L sold 3,347 shares of the stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $438.74, for a total value of $1,468,462.78. Following the completion of the sale, the insider directly owned 6,177,100 shares in the company, valued at approximately $2,710,140,854. This trade represents a 0.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Ravi Simhambhatla sold 3,469 shares of the stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $184.09, for a total value of $638,608.21. Following the completion of the sale, the executive vice president owned 13,876 shares of the company’s stock, valued at approximately $2,554,432.84. This trade represents a 20.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 16,299 shares of company stock worth $3,836,012. 50.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Avis Budget Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd raised its stake in Avis Budget Group by 1,845.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock valued at $27,000 after buying an additional 203 shares during the last quarter. Quarry LP purchased a new stake in Avis Budget Group in the fourth quarter valued at about $27,000. Basepoint Wealth LLC purchased a new stake in Avis Budget Group in the fourth quarter valued at about $32,000. Hantz Financial Services Inc. raised its stake in Avis Budget Group by 136.4% in the third quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider’s stock valued at $41,000 after buying an additional 146 shares during the last quarter. Finally, American Wealth Advisors LLC purchased a new stake in Avis Budget Group in the third quarter valued at about $41,000. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

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.