Avis Budget Group (NASDAQ:CAR) Shares Up 6.8%

Avis Budget Group, Inc. (NASDAQ:CARGet Rating)’s stock price rose 6.8% during trading on Tuesday . The stock traded as high as $284.57 and last traded at $284.55. Approximately 5,053 shares traded hands during mid-day trading, a decline of 100% from the average daily volume of 1,021,840 shares. The stock had previously closed at $266.48.

A number of equities analysts have recently issued reports on CAR shares. Bank of America downgraded Avis Budget Group from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $250.00 to $240.00 in a research report on Wednesday, April 6th. Morgan Stanley decreased their target price on Avis Budget Group from $170.00 to $168.00 and set an “underweight” rating for the company in a research note on Wednesday, February 16th. Zacks Investment Research upgraded shares of Avis Budget Group from a “hold” rating to a “strong-buy” rating and set a $310.00 price objective for the company in a research note on Tuesday. JPMorgan Chase & Co. decreased their target price on Avis Budget Group from $205.00 to $190.00 and set a “neutral” rating for the company in a research report on Wednesday, February 16th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Avis Budget Group from $210.00 to $193.00 and set a “hold” rating on the stock in a report on Wednesday, February 16th. Three analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $211.50.

The firm’s fifty day simple moving average is $224.66 and its 200-day simple moving average is $217.30. The firm has a market capitalization of $14.66 billion, a PE ratio of 14.03, a PEG ratio of 0.61 and a beta of 2.15.

Avis Budget Group (NASDAQ:CARGet Rating) last posted its quarterly earnings results on Monday, February 14th. The business services provider reported $7.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $6.46 by $0.62. The firm had revenue of $2.57 billion during the quarter, compared to analysts’ expectations of $2.30 billion. Avis Budget Group had a negative return on equity of 942.00% and a net margin of 13.80%. The company’s revenue was up 89.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.36) earnings per share. Equities research analysts forecast that Avis Budget Group, Inc. will post 22.41 EPS for the current year.

In related news, Director Lynn Krominga sold 5,823 shares of the company’s stock in a transaction on Thursday, March 3rd. The stock was sold at an average price of $187.50, for a total transaction of $1,091,812.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 27.40% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Canada Pension Plan Investment Board increased its position in Avis Budget Group by 224.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,299,208 shares of the business services provider’s stock valued at $269,417,000 after acquiring an additional 899,208 shares during the last quarter. Norges Bank bought a new stake in Avis Budget Group in the fourth quarter worth about $82,318,000. Renaissance Technologies LLC purchased a new stake in shares of Avis Budget Group during the fourth quarter valued at $50,677,000. Schonfeld Strategic Advisors LLC increased its position in shares of Avis Budget Group by 101.6% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 3,064 shares of the business services provider’s stock worth $635,000 after acquiring an additional 192,959 shares during the period. Finally, Morgan Stanley increased its holdings in Avis Budget Group by 72.8% during the 3rd quarter. Morgan Stanley now owns 447,094 shares of the business services provider’s stock worth $52,091,000 after purchasing an additional 188,328 shares during the period.

Avis Budget Group Company Profile (NASDAQ:CAR)

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated and 385 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.

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