Avis Budget Group (NASDAQ:CAR) Trading 10.6% Higher – Here’s What Happened

Avis Budget Group, Inc. (NASDAQ:CAR)’s stock price traded up 10.6% during mid-day trading on Friday . The company traded as high as $60.82 and last traded at $61.35. 965,296 shares changed hands during mid-day trading, an increase of 20% from the average session volume of 805,479 shares. The stock had previously closed at $55.49.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Northcoast Research downgraded Avis Budget Group from a “buy” rating to a “neutral” rating in a report on Monday, November 18th. The Goldman Sachs Group boosted their price target on Avis Budget Group from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $133.75.

Avis Budget Group Stock Up 11.6 %

The firm has a market capitalization of $2.18 billion, a PE ratio of -1.20 and a beta of 2.37. The stock has a 50-day moving average price of $84.48 and a 200 day moving average price of $86.72.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data on Tuesday, February 11th. The business services provider reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.27. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. As a group, equities analysts predict that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Lynn Krominga sold 1,405 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $95.00, for a total transaction of $133,475.00. Following the completion of the sale, the director now directly owns 1,950 shares in the company, valued at approximately $185,250. The trade was a 41.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 52.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Avis Budget Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC boosted its stake in Avis Budget Group by 30.5% during the third quarter. Barclays PLC now owns 200,576 shares of the business services provider’s stock worth $17,571,000 after buying an additional 46,922 shares during the last quarter. State Street Corp boosted its stake in Avis Budget Group by 2.5% during the third quarter. State Street Corp now owns 672,227 shares of the business services provider’s stock worth $58,880,000 after buying an additional 16,221 shares during the last quarter. Algert Global LLC boosted its stake in Avis Budget Group by 123.8% during the third quarter. Algert Global LLC now owns 22,745 shares of the business services provider’s stock worth $1,992,000 after buying an additional 12,580 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Avis Budget Group by 10.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 185,801 shares of the business services provider’s stock worth $16,274,000 after buying an additional 17,666 shares during the last quarter. Finally, National Bank of Canada FI boosted its stake in Avis Budget Group by 1,858.7% during the third quarter. National Bank of Canada FI now owns 90,000 shares of the business services provider’s stock worth $7,883,000 after buying an additional 85,405 shares during the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.