Avis Budget Group (NASDAQ:CAR) Stock Price Down 9.2% – Time to Sell?

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

Analysts Set New Price Targets

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

Avis Budget Group Stock Up 4.3 %

The company has a 50-day simple moving average of $88.13 and a two-hundred day simple moving average of $88.23. The firm has a market cap of $3.06 billion, a PE ratio of 7.96 and a beta of 2.26.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.50) by $0.27. Avis Budget Group had a negative return on equity of 101.41% and a net margin of 3.34%. As a group, equities analysts predict that Avis Budget Group, Inc. will post 3.69 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Barclays PLC grew its position in shares of Avis Budget Group by 30.5% during the 3rd quarter. Barclays PLC now owns 200,576 shares of the business services provider’s stock valued at $17,571,000 after acquiring an additional 46,922 shares during the period. Wolverine Asset Management LLC increased its holdings in Avis Budget Group by 93.4% in the 3rd quarter. Wolverine Asset Management LLC now owns 16,771 shares of the business services provider’s stock worth $1,469,000 after acquiring an additional 8,100 shares during the last quarter. State Street Corp increased its holdings in Avis Budget Group by 2.5% in the 3rd quarter. State Street Corp now owns 672,227 shares of the business services provider’s stock worth $58,880,000 after acquiring an additional 16,221 shares during the last quarter. Algert Global LLC increased its holdings in Avis Budget Group by 123.8% in the 3rd quarter. Algert Global LLC now owns 22,745 shares of the business services provider’s stock worth $1,992,000 after acquiring an additional 12,580 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Avis Budget Group by 10.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 185,801 shares of the business services provider’s stock worth $16,274,000 after acquiring an additional 17,666 shares during the last quarter. 96.35% of the stock is 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.