Avis Budget Group (NASDAQ:CAR) Trading 9.2% Higher

Avis Budget Group Inc. (NASDAQ:CAR)’s share price traded up 9.2% during trading on Thursday . The stock traded as high as $28.84 and last traded at $28.73. 3,315,807 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 4,327,629 shares. The stock had previously closed at $26.32.

Several equities research analysts have commented on the stock. Barclays boosted their price target on shares of Avis Budget Group from $18.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 28th. They noted that the move was a valuation call. TheStreet cut shares of Avis Budget Group from a “c-” rating to a “d” rating in a research report on Tuesday, August 4th. JPMorgan Chase & Co. lifted their price target on Avis Budget Group from $13.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, June 19th. Zacks Investment Research lifted their price target on Avis Budget Group to $39.00 in a research note on Tuesday, September 8th. Finally, Deutsche Bank lifted their price target on Avis Budget Group from $24.00 to $34.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $29.83.

The company has a debt-to-equity ratio of 52.72, a quick ratio of 1.07 and a current ratio of 1.07. The company has a 50 day simple moving average of $32.16 and a two-hundred day simple moving average of $23.30. The company has a market cap of $2.00 billion, a PE ratio of -5.96 and a beta of 2.52.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Tuesday, July 28th. The business services provider reported ($5.60) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($5.84) by $0.24. Avis Budget Group had a negative return on equity of 66.36% and a negative net margin of 4.15%. The company had revenue of $760.00 million for the quarter, compared to analysts’ expectations of $732.05 million. During the same quarter in the previous year, the business posted $0.79 EPS. The business’s revenue for the quarter was down 67.5% on a year-over-year basis. As a group, analysts expect that Avis Budget Group Inc. will post -7.56 earnings per share for the current fiscal year.

In other news, Director Srs Investment Management, Llc purchased 67,816 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was acquired at an average price of $30.80 per share, with a total value of $2,088,732.80. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders purchased 1,233,049 shares of company stock valued at $40,779,593. 23.20% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in CAR. AQR Capital Management LLC grew its stake in shares of Avis Budget Group by 551.9% in the 1st quarter. AQR Capital Management LLC now owns 2,432,401 shares of the business services provider’s stock valued at $33,810,000 after buying an additional 2,059,250 shares in the last quarter. Nuveen Asset Management LLC grew its position in shares of Avis Budget Group by 117.6% during the 2nd quarter. Nuveen Asset Management LLC now owns 544,331 shares of the business services provider’s stock valued at $12,460,000 after acquiring an additional 294,209 shares during the period. Prentice Capital Management LP bought a new stake in shares of Avis Budget Group during the 1st quarter valued at $3,951,000. Athanor Capital LP bought a new stake in shares of Avis Budget Group during the 2nd quarter valued at $6,413,000. Finally, Bridgeway Capital Management Inc. bought a new stake in shares of Avis Budget Group during the 2nd quarter valued at $5,251,000. 96.20% of the stock is owned by institutional investors and hedge funds.

Avis Budget Group Company Profile (NASDAQ:CAR)

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.

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