Avis Budget Group (NASDAQ:CAR) Trading 9.4% Higher – Time to Buy?

Avis Budget Group, Inc. (NASDAQ:CAR) shot up 9.4% during trading on Wednesday . The company traded as high as $157.73 and last traded at $159.5020. 616,786 shares traded hands during trading, a decline of 23% from the average session volume of 799,857 shares. The stock had previously closed at $145.85.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Morgan Stanley cut 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. The Goldman Sachs Group set a $85.00 target price on shares of Avis Budget Group in a report on Monday, February 23rd. Barclays cut their price target on shares of Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 26th. Wall Street Zen cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $124.71.

Avis Budget Group Price Performance

The company has a market capitalization of $6.71 billion, a price-to-earnings ratio of -7.50 and a beta of 1.94. The firm has a 50-day moving average price of $113.28 and a two-hundred day moving average price of $130.38.

Insider Activity at Avis Budget Group

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

Hedge Funds Weigh In On Avis Budget Group

Large investors have recently modified their holdings of the business. Assenagon Asset Management S.A. boosted its position in Avis Budget Group by 40.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 539,395 shares of the business services provider’s stock valued at $69,215,000 after purchasing an additional 154,994 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake in Avis Budget Group by 1,443.0% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 15,955 shares of the business services provider’s stock valued at $2,562,000 after purchasing an additional 14,921 shares in the last quarter. Intech Investment Management LLC increased its position in shares of Avis Budget Group by 203.8% during the 3rd quarter. Intech Investment Management LLC now owns 37,467 shares of the business services provider’s stock worth $6,016,000 after purchasing an additional 25,135 shares during the last quarter. Retirement Systems of Alabama raised its stake in shares of Avis Budget Group by 49.3% during the 3rd quarter. Retirement Systems of Alabama now owns 30,825 shares of the business services provider’s stock worth $4,950,000 after purchasing an additional 10,179 shares in the last quarter. Finally, Neo Ivy Capital Management raised its stake in shares of Avis Budget Group by 704.2% during the 3rd quarter. Neo Ivy Capital Management now owns 17,548 shares of the business services provider’s stock worth $2,818,000 after purchasing an additional 15,366 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors and hedge funds.

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.