Avis Budget Group (NASDAQ:CAR) Shares Up 5.7%

Avis Budget Group, Inc. (NASDAQ:CAR) shares traded up 5.7% during mid-day trading on Friday . The company traded as high as $74.66 and last traded at $74.30. 63,269 shares were traded during mid-day trading, a decline of 91% from the average session volume of 717,770 shares. The stock had previously closed at $70.27.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CAR shares. Deutsche Bank Aktiengesellschaft dropped their price target on Avis Budget Group from $155.00 to $146.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. StockNews.com cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Susquehanna lowered their price objective on shares of Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. The Goldman Sachs Group cut their target price on shares of Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. dropped their price target on shares of 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. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $143.29.

Avis Budget Group Trading Up 4.9 %

The business’s fifty day moving average price is $90.55 and its two-hundred day moving average price is $104.42. The firm has a market cap of $2.63 billion, a P/E ratio of 2.35 and a beta of 2.14.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Aigen Investment Management LP increased its stake in Avis Budget Group by 4.8% during the fourth quarter. Aigen Investment Management LP now owns 1,303 shares of the business services provider’s stock valued at $231,000 after acquiring an additional 60 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of Avis Budget Group by 3.2% during the fourth quarter. Janney Montgomery Scott LLC now owns 2,540 shares of the business services provider’s stock valued at $450,000 after purchasing an additional 79 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in Avis Budget Group by 1.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 5,300 shares of the business services provider’s stock valued at $649,000 after buying an additional 100 shares during the last quarter. State of Michigan Retirement System increased its position in Avis Budget Group by 2.2% in the first quarter. State of Michigan Retirement System now owns 4,573 shares of the business services provider’s stock worth $560,000 after purchasing an additional 100 shares during the period. Finally, Denali Advisors LLC raised its stake in shares of Avis Budget Group by 94.1% during the first quarter. Denali Advisors LLC now owns 231 shares of the business services provider’s stock worth $28,000 after buying an additional 112 shares during the last quarter. 96.35% of the stock is currently owned by institutional investors and hedge funds.

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.