Avis Budget Group (NASDAQ:CAR) shares a gap up to $154.52
Avis Budget Group, Inc. (NASDAQ:CAR – Get Rating) stock price rose ahead of Friday’s trading. The stock had previously closed at $154.52, but opened at $161.32. Avis Budget Group shares last traded at $160.09, with volume of 2,100 shares changing hands.
CAR has been the subject of a number of recent research reports. StockNews.com downgraded shares of Avis Budget Group from a “buy” rating to a “hold” rating in a Friday, June 17 research rating. Deutsche Bank Aktiengesellschaft raised its price target on Avis Budget Group shares from $193.00 to $238.00 in a Wednesday, May 4 research note. Barclays downgraded shares of Avis Budget Group from an ‘underweight’ to an ‘equal weight’ rating and raised its price target for the company from $164.00 to $245.00 in a report research on Wednesday, April 20. Bank of America downgraded shares of Avis Budget Group from a ‘neutral’ rating to an ‘underperforming’ rating and lowered its price target for the company from $250.00 to $240.00 in a report research on Wednesday, April 6. Finally, Morgan Stanley lowered its price target on Avis Budget Group shares from $168.00 to $156.00 and set an “underweight” rating on the stock in a Tuesday 7 June. Two research analysts gave the stock a sell rating and four gave the company’s stock a hold rating. According to data from MarketBeat.com, Avis Budget Group currently has a consensus rating of “Hold” and an average target price of $213.80.
The company’s 50-day moving average is $214.61 and its 200-day moving average is $213.43. The company has a market capitalization of $7.91 billion, a PE ratio of 5.05, a P/E/G ratio of 0.20 and a beta of 2.05.
Avis Budget Group (NASDAQ:CAR – Get Rating) last released its quarterly earnings data on Monday, May 2. The business services provider reported earnings per share (EPS) of $9.99 for the quarter, beating analyst consensus estimates of $3.54 from $6.45. Avis Budget Group achieved a net margin of 19.13% and a negative return on equity of 635.44%. The company posted revenue of $2.43 billion in the quarter, versus a consensus estimate of $2.18 billion. In the same quarter last year, the company posted ($0.46) earnings per share. Analysts expect Avis Budget Group, Inc. to post earnings per share of 39.29 for the current fiscal year.
In related news, Chairman Bernardo Hees acquired 29,400 shares of the company in a transaction that took place on Friday, June 10. The shares were acquired at an average price of $168.69 per share, for a total transaction of $4,959,486.00. Following the completion of the acquisition, the President now owns 479,876 shares of the company, valued at approximately $80,950,282.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. Insiders have purchased 83,734 shares of the company worth $14,792,435 over the past 90 days. 37.30% of the shares are currently held by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. State of Michigan Retirement System increased its stake in shares of Avis Budget Group by 0.5% in the first quarter. State of Michigan Retirement System now owns 10,173 shares of the business services provider worth $2,679,000 after buying 49 additional shares in the last quarter. TCI Wealth Advisors Inc. increased its stake in Avis Budget Group shares to 79.5% in the first quarter. TCI Wealth Advisors Inc. now owns 158 shares of the business services provider worth $42,000 after buying 70 more shares in the last quarter. Quadrant Capital Group LLC increased its stake in Avis Budget Group by 19.1% during the fourth quarter. Quadrant Capital Group LLC now owns 468 shares of the business services provider valued at $97,000 after acquiring 75 additional shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Avis Budget Group by 24.8% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 388 shares of the business services provider valued at $103,000 after acquiring 77 additional shares in the last quarter. Finally, Captrust Financial Advisors increased its stake in Avis Budget Group by 18.3% during the first quarter. Captrust Financial Advisors now owns 569 shares of the business services provider valued at $150,000 after acquiring 88 additional shares in the last quarter.
Avis Budget Group Company Profile (NASDAQ:CAR)
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rental, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, which provides vehicle rental and other mobility solutions to the premium business and leisure segments of the travel industry; the Budget Truck brand, a local one-way truck and van rental company with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated locations 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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