Avis Budget Group (NASDAQ:CAR) Shares Gap Up to $156.98


Avis Budget Group, Inc. (NASDAQ:CAR – Get Rating) gapped up before the market opened on Friday . The stock had previously closed at $156.98, but opened at $160.53. Avis Budget Group shares last traded at $159.62, with a volume of 1,439 shares changing hands.

Several analysts have issued reports on the company. StockNews.com cut Avis Budget Group from a “buy” rating to a “hold” rating in a research report on Wednesday. Barclays reduced their target price on Avis Budget Group from $223.00 to $158.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 5th. Deutsche Bank Aktiengesellschaft raised their target price on Avis Budget Group from $193.00 to $238.00 in a research note on Wednesday, May 4th. Morgan Stanley reduced their target price on Avis Budget Group from $168.00 to $156.00 and set an “underweight” rating for the company in a research note on Tuesday, June 7th. Finally, Bank of America lowered Avis Budget Group from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $250.00 to $240.00 in a research note on Wednesday, April 6th. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $196.40.

The stock has a 50 day simple moving average of $187.93 and a two-hundred day simple moving average of $208.08. The firm has a market cap of $7.57 billion, a PE ratio of 4.83, a price-to-earnings-growth ratio of 0.21 and a beta of 2.11.

Avis Budget Group (NASDAQ:CAR – Get Rating) last released its quarterly earnings data on Monday, May 2nd. The business services provider reported $9.99 earnings per share for the quarter, beating analysts’ consensus estimates of $3.54 by $6.45. The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.18 billion. Avis Budget Group had a negative return on equity of 635.44% and a net margin of 19.13%. During the same quarter last year, the business posted ($0.46) EPS. As a group, equities research analysts forecast that Avis Budget Group, Inc. will post 39.29 earnings per share for the current year.

In related news, Chairman Bernardo Hees acquired 28,334 shares of Avis Budget Group stock in a transaction on Tuesday, May 24th. The stock was acquired at an average price of $172.78 per share, for a total transaction of $4,895,548.52. Following the purchase, the chairman now owns 450,476 shares of the company’s stock, valued at approximately $77,833,243.28. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have acquired a total of 83,734 shares of company stock valued at $14,792,435 in the last quarter. Company insiders own 37.30% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Avis Budget Group by 29.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,819 shares of the business services provider’s stock worth $1,414,000 after buying an additional 1,562 shares during the last quarter. New York State Teachers Retirement System boosted its holdings in shares of Avis Budget Group by 1.4% during the 4th quarter. New York State Teachers Retirement System now owns 58,682 shares of the business services provider’s stock worth $12,169,000 after purchasing an additional 820 shares during the last quarter. Wexford Capital LP acquired a new position in shares of Avis Budget Group during the 4th quarter worth approximately $2,644,000. Van ECK Associates Corp acquired a new position in shares of Avis Budget Group during the 4th quarter worth approximately $261,000. Finally, Bailard Inc. acquired a new position in shares of Avis Budget Group during the 4th quarter worth approximately $228,000.

About Avis Budget Group (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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