Avis Budget Group (NASDAQ:CAR) Hits New 1-Year Low – Here’s Why

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) reached a new 52-week low during trading on Wednesday . The stock traded as low as $61.41 and last traded at $63.79, with a volume of 2267895 shares changing hands. The stock had previously closed at $71.59.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CAR. The Goldman Sachs Group upped their target price on Avis Budget Group from $85.00 to $95.00 and gave the company 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 report on Monday, November 18th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $133.75.

Avis Budget Group Stock Performance

The company’s fifty day moving average price is $85.73 and its two-hundred day moving average price is $87.30. The firm has a market capitalization of $2.24 billion, a PE ratio of -1.23 and a beta of 2.37.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.27. Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. On average, equities analysts expect that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Insider Buying and Selling at Avis Budget Group

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 shares were sold at an average price of $95.00, for a total value of $133,475.00. Following the transaction, the director now owns 1,950 shares in the company, valued at approximately $185,250. This trade represents a 41.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 52.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Avis Budget Group

Several institutional investors have recently bought and sold shares of the business. Barclays PLC boosted its position in shares of Avis Budget Group by 30.5% in the third quarter. Barclays PLC now owns 200,576 shares of the business services provider’s stock worth $17,571,000 after buying an additional 46,922 shares during the period. Wolverine Asset Management LLC raised its holdings in shares of Avis Budget Group by 93.4% during the 3rd quarter. Wolverine Asset Management LLC now owns 16,771 shares of the business services provider’s stock valued at $1,469,000 after buying an additional 8,100 shares during the period. State Street Corp lifted its position in Avis Budget Group by 2.5% during 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 in the last quarter. Algert Global LLC boosted 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 period. Finally, Charles Schwab Investment Management Inc. grew its position in Avis Budget Group by 10.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 185,801 shares of the business services provider’s stock valued at $16,274,000 after acquiring an additional 17,666 shares in the last quarter. 96.35% of the stock is currently owned by hedge funds and other 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.