Avis Budget Group (NASDAQ:CAR) Shares Gap Down Following Analyst Downgrade

Avis Budget Group, Inc. (NASDAQ:CAR) gapped down prior to trading on Monday after Deutsche Bank Aktiengesellschaft downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $190.42, but opened at $182.80. Deutsche Bank Aktiengesellschaft now has a $128.00 price target on the stock. Avis Budget Group shares last traded at $199.3510, with a volume of 446,439 shares.

Other equities analysts have also recently issued reports about the company. Barclays cut their price objective on Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, February 26th. Morgan Stanley decreased their price objective on Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating on the stock in a report on Friday, March 6th. Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. The Goldman Sachs Group set a $85.00 target price on Avis Budget Group in a research note on Monday, February 23rd. Finally, Zacks Research cut shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 19th. Five analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $115.00.

Insider Transactions at Avis Budget Group

In other news, Director Lynn Krominga sold 1,950 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $91.54, for a total value of $178,503.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Pentwater Capital Management L bought 425,000 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were bought at an average price of $94.26 per share, with a total value of $40,060,500.00. Following the completion of the acquisition, the insider directly owned 3,987,100 shares in the company, valued at $375,824,046. This trade represents a 11.93% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 52.80% of the stock is currently owned by company insiders.

Institutional Trading of Avis Budget Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its holdings in shares of Avis Budget Group by 19.6% in the second quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock worth $72,000 after purchasing an additional 70 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in 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 valued at $58,000 after buying an additional 76 shares during the last quarter. Deseret Mutual Benefit Administrators raised its holdings in Avis Budget Group by 102.3% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock valued at $28,000 after buying an additional 88 shares during the last quarter. Wedmont Private Capital boosted its position in Avis Budget Group by 6.1% during the 3rd quarter. Wedmont Private Capital now owns 1,624 shares of the business services provider’s stock valued at $242,000 after buying an additional 93 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in Avis Budget Group by 7.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,460 shares of the business services provider’s stock valued at $234,000 after buying an additional 106 shares during the period. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Trading Up 4.4%

The business’s fifty day simple moving average is $114.65 and its 200-day simple moving average is $130.31. The firm has a market cap of $7.01 billion, a P/E ratio of -7.82 and a beta of 1.94.

Avis Budget Group Company Profile

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.