Avis Budget Group (NASDAQ:CAR) Trading Down 4.3% – What’s Next?

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) fell 4.3% during trading on Thursday . The stock traded as low as $83.16 and last traded at $83.89. 245,272 shares traded hands during trading, a decline of 65% from the average session volume of 706,143 shares. The stock had previously closed at $87.65.

Analyst Ratings Changes

Several research analysts have issued reports on CAR shares. StockNews.com cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Avis Budget Group from $155.00 to $146.00 and set a “buy” rating for the company in a report on Friday, August 30th. JPMorgan Chase & Co. cut their target price on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. The Goldman Sachs Group reduced their target price on Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Finally, Barclays began coverage on Avis Budget Group in a report on Thursday, September 19th. They set an “equal weight” rating and a $105.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Avis Budget Group presently has an average rating of “Hold” and an average target price of $138.50.

Avis Budget Group Trading Down 3.4 %

The stock has a market capitalization of $3.02 billion, a PE ratio of 2.77 and a beta of 2.13. The stock has a 50 day moving average price of $83.49 and a 200-day moving average price of $101.09.

Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Monday, August 5th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.60 by ($2.19). Avis Budget Group had a negative return on equity of 230.71% and a net margin of 6.58%. The firm had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same period in the previous year, the business posted $11.01 earnings per share. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. Research analysts forecast that Avis Budget Group, Inc. will post 7.68 earnings per share for the current year.

Institutional Trading of Avis Budget Group

Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new position in shares of Avis Budget Group during the 3rd quarter worth $847,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Avis Budget Group in the 2nd quarter worth $75,000. Chase Investment Counsel Corp purchased a new position in Avis Budget Group during the second quarter valued at $1,254,000. Creative Planning grew its holdings in Avis Budget Group by 117.8% during the second quarter. Creative Planning now owns 12,672 shares of the business services provider’s stock valued at $1,324,000 after purchasing an additional 6,855 shares during the period. Finally, Algert Global LLC increased its position in Avis Budget Group by 2.5% in the second quarter. Algert Global LLC now owns 10,165 shares of the business services provider’s stock worth $1,062,000 after buying an additional 245 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors.

About Avis Budget Group

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.