Avis Budget Group (NASDAQ:CAR) Director Sells $734,438.38 in Stock

Avis Budget Group, Inc. (NASDAQ:CAR) Director Glenn Lurie sold 6,101 shares of the business’s stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $120.38, for a total transaction of $734,438.38. Following the sale, the director owned 11,508 shares of the company’s stock, valued at $1,385,333.04. This represents a 34.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Avis Budget Group Stock Up 2.6%

NASDAQ CAR opened at $127.32 on Thursday. The firm’s fifty day moving average price is $113.23 and its 200 day moving average price is $152.95. Avis Budget Group, Inc. has a 12 month low of $85.96 and a 12 month high of $847.70.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Tuesday, November 3rd. The business services provider reported $5.15 earnings per share for the quarter, missing analysts’ consensus estimates of $8.01 by ($2.86). The company had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.42 billion. During the same period in the previous year, the business posted $10.11 earnings per share. Avis Budget Group’s revenue was down 2.4% compared to the same quarter last year. Equities analysts anticipate that Avis Budget Group, Inc. will post 1.08 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Wall Street Zen downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Morgan Stanley cut their price target on Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Friday, September 11th. The Goldman Sachs Group lifted their price target on Avis Budget Group from $94.00 to $108.00 and gave the stock a “sell” rating in a research report on Thursday, November 5th. Susquehanna cut their target price on shares of Avis Budget Group from $140.00 to $125.00 and set a “neutral” rating on the stock in a report on Wednesday, November 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Avis Budget Group in a research report on Monday, August 17th. Five equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Avis Budget Group currently has a consensus rating of “Reduce” and an average target price of $116.14.

Hedge Funds Weigh In On Avis Budget Group

A number of institutional investors and hedge funds have recently made changes to their positions in CAR. Pentwater Capital Management LP purchased a new position in shares of Avis Budget Group during the 2nd quarter worth approximately $371,541,000. Hsbc Holdings PLC acquired a new stake in Avis Budget Group during the 2nd quarter valued at $247,773,000. BlackRock Inc. acquired a new position in shares of Avis Budget Group in the second quarter worth $245,413,000. Cibc World Market Inc. purchased a new stake in shares of Avis Budget Group in the second quarter valued at $73,915,000. Finally, Mizuho Markets Americas LLC lifted its position in shares of Avis Budget Group by 7.4% in the first quarter. Mizuho Markets Americas LLC now owns 400,000 shares of the business services provider’s stock valued at $58,340,000 after acquiring an additional 27,500 shares in the last quarter. 96.35% of the stock is owned by institutional investors and hedge funds.

Avis Budget Group Company Profile

Avis Budget Group, Inc. is a global vehicle rental provider operating primarily through the Avis and Budget brands. Its services include short- and longer-term car rentals for leisure and business travelers, as well as vehicle rental solutions for businesses and other organizations. The company also operates Zipcar, a car-sharing service that lets members reserve vehicles for short periods. In the United States, its offerings include Budget Truck rentals. Avis Budget Group serves customers through company-operated locations and licensees across North America and other regions worldwide.