Shares of Avis Budget Group Inc. (NASDAQ:CAR) were down 6.4% on Thursday . The stock traded as low as $30.89 and last traded at $30.96. Approximately 1,750,286 shares traded hands during trading, a decline of 17% from the average daily volume of 2,103,194 shares. The stock had previously closed at $33.06.
A number of equities analysts have commented on CAR shares. BidaskClub lowered shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research report on Wednesday, August 29th. ValuEngine lowered shares of Avis Budget Group from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 30th. Northcoast Research upgraded shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $46.00 price target on the stock in a research report on Monday, July 30th. Morgan Stanley started coverage on shares of Avis Budget Group in a research report on Tuesday, June 26th. They issued an “underweight” rating and a $30.00 price target on the stock. Finally, Barclays reduced their price target on shares of Avis Budget Group from $41.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 22nd. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. Avis Budget Group presently has a consensus rating of “Hold” and an average price target of $42.33.
The stock has a market cap of $2.45 billion, a P/E ratio of 11.03 and a beta of 1.89. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 41.18.
Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Tuesday, August 7th. The business services provider reported $0.57 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.57. Avis Budget Group had a net margin of 4.46% and a return on equity of 63.08%. The company had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the previous year, the firm posted $0.30 earnings per share. As a group, equities research analysts forecast that Avis Budget Group Inc. will post 3.48 EPS for the current fiscal year.
In other Avis Budget Group news, Director Leonard S. Coleman, Jr. sold 13,000 shares of the business’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $34.63, for a total value of $450,190.00. Following the completion of the transaction, the director now directly owns 2,339 shares of the company’s stock, valued at $80,999.57. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.80% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in CAR. Cerebellum GP LLC bought a new stake in shares of Avis Budget Group during the second quarter worth approximately $142,000. Summit Trail Advisors LLC boosted its holdings in Avis Budget Group by 3,465.8% during the first quarter. Summit Trail Advisors LLC now owns 177,078 shares of the business services provider’s stock worth $177,000 after purchasing an additional 172,112 shares during the last quarter. Sei Investments Co. boosted its holdings in Avis Budget Group by 12,509.1% during the first quarter. Sei Investments Co. now owns 4,161 shares of the business services provider’s stock worth $195,000 after purchasing an additional 4,128 shares during the last quarter. Cornerstone Wealth Management LLC acquired a new position in Avis Budget Group during the second quarter worth $224,000. Finally, Stifel Financial Corp acquired a new position in Avis Budget Group during the first quarter worth $240,000.
About Avis Budget Group (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 5,450 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 19,000 vehicles, which are rented through a network of approximately 925 dealer-operated and 450 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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