Avis Budget Group Sees Unusually Large Options Volume (NASDAQ:CAR)

Avis Budget Group, Inc. (NASDAQ:CAR) was the target of some unusual options trading on Thursday. Investors purchased 12,847 call options on the stock. This represents an increase of approximately 240% compared to the typical volume of 3,780 call options.

Insider Activity

In related news, Director Lynn Krominga sold 1,405 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $95.00, for a total transaction of $133,475.00. Following the transaction, the director now owns 1,950 shares in the company, valued at $185,250. This trade represents a 41.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 52.00% of the company’s stock.

Institutional Trading of Avis Budget Group

A number of institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank lifted its position in shares of Avis Budget Group by 2.0% during the 4th quarter. Amalgamated Bank now owns 7,973 shares of the business services provider’s stock valued at $643,000 after acquiring an additional 155 shares during the period. GAMMA Investing LLC raised its holdings in Avis Budget Group by 118.8% during the fourth quarter. GAMMA Investing LLC now owns 337 shares of the business services provider’s stock worth $27,000 after purchasing an additional 183 shares during the last quarter. Yousif Capital Management LLC boosted its position in Avis Budget Group by 2.5% during the fourth quarter. Yousif Capital Management LLC now owns 7,592 shares of the business services provider’s stock worth $612,000 after purchasing an additional 187 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in Avis Budget Group by 41.0% in the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 198 shares during the last quarter. Finally, Sterling Capital Management LLC increased its position in shares of Avis Budget Group by 41.3% in the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider’s stock valued at $59,000 after buying an additional 215 shares in the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Price Performance

Shares of CAR stock traded up $11.90 during trading hours on Thursday, reaching $73.45. 2,830,390 shares of the company’s stock were exchanged, compared to its average volume of 711,963. The company’s 50 day moving average is $80.29 and its two-hundred day moving average is $85.74. The company has a market cap of $2.58 billion, a P/E ratio of -1.41 and a beta of 2.37. Avis Budget Group has a 1 year low of $54.03 and a 1 year high of $132.25.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.50) by $0.27. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. As a group, analysts predict that Avis Budget Group will post 8.91 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group boosted their price target on Avis Budget Group from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $130.71.

Avis Budget Group Company Profile

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.