Avis Budget Group (NASDAQ:CAR) Trading Down 9.2% – Here’s Why

Avis Budget Group, Inc. (NASDAQ:CAR)’s stock price fell 9.2% on Wednesday . The stock traded as low as $81.29 and last traded at $81.48. 230,016 shares were traded during trading, a decline of 56% from the average session volume of 527,525 shares. The stock had previously closed at $89.71.

Wall Street Analyst Weigh In

CAR has been the subject of several analyst reports. The Goldman Sachs Group increased their target price on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. JPMorgan Chase & Co. decreased their price objective on shares of Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Deutsche Bank Aktiengesellschaft cut their target price on Avis Budget Group from $145.00 to $143.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Northcoast Research downgraded Avis Budget Group from a “buy” rating to a “neutral” rating in a research report on Monday, November 18th. Finally, StockNews.com raised Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Avis Budget Group presently has a consensus rating of “Hold” and an average target price of $133.75.

Avis Budget Group Trading Down 7.5 %

The firm has a fifty day moving average of $88.75 and a two-hundred day moving average of $88.37. The company has a market cap of $2.92 billion, a PE ratio of 7.59 and a beta of 2.26.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.27. Avis Budget Group had a net margin of 3.34% and a negative return on equity of 101.41%. Sell-side analysts expect that Avis Budget Group, Inc. will post 3.69 EPS for the current fiscal year.

Hedge Funds Weigh In On Avis Budget Group

Large investors have recently modified their holdings of the company. Inspire Investing LLC grew its holdings in shares of Avis Budget Group by 39.9% during the third quarter. Inspire Investing LLC now owns 4,683 shares of the business services provider’s stock worth $410,000 after purchasing an additional 1,335 shares in the last quarter. nVerses Capital LLC increased its stake in shares of Avis Budget Group by 2,800.0% in the third quarter. nVerses Capital LLC now owns 2,900 shares of the business services provider’s stock worth $254,000 after buying an additional 2,800 shares during the period. Carolina Wealth Advisors LLC grew its stake in shares of Avis Budget Group by 184.5% in the third quarter. Carolina Wealth Advisors LLC now owns 1,118 shares of the business services provider’s stock worth $98,000 after purchasing an additional 725 shares during the last quarter. Dupree Financial Group LLC purchased a new position in shares of Avis Budget Group during the third quarter valued at approximately $2,611,000. Finally, Lecap Asset Management Ltd. lifted its stake in Avis Budget Group by 40.8% in the third quarter. Lecap Asset Management Ltd. now owns 18,862 shares of the business services provider’s stock worth $1,652,000 after acquiring an additional 5,466 shares during the period. 96.35% of the stock is currently owned by institutional investors.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.