Avis Budget Group (NASDAQ:CAR) Stock Passes Below 50 Day Moving Average – Here’s Why

Avis Budget Group, Inc. (NASDAQ:CAR)’s share price passed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $93.73 and traded as low as $78.91. Avis Budget Group shares last traded at $81.76, with a volume of 603,705 shares.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CAR. The Goldman Sachs Group raised their target price on shares of Avis Budget Group from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. reduced their price objective on Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating for the company in a report on Monday, November 4th. StockNews.com upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Deutsche Bank Aktiengesellschaft reduced their price target on Avis Budget Group from $145.00 to $143.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Finally, Northcoast Research cut Avis Budget Group from a “buy” rating to a “neutral” rating in a research report on Monday, November 18th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $133.75.

Avis Budget Group Trading Up 1.6 %

The company has a market capitalization of $2.87 billion, a P/E ratio of 7.47 and a beta of 2.25. The stock has a 50 day moving average price of $93.73 and a 200 day moving average price of $91.70.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Thursday, October 31st. The business services provider reported $6.65 EPS for the quarter, missing analysts’ consensus estimates of $8.55 by ($1.90). Avis Budget Group had a net margin of 3.34% and a negative return on equity of 101.41%. The firm had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.53 billion. During the same period in the previous year, the business posted $16.78 earnings per share. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, research analysts predict that Avis Budget Group, Inc. will post 3.59 EPS for the current year.

Institutional Investors Weigh In On Avis Budget Group

Several hedge funds and other institutional investors have recently made changes to their positions in CAR. GAMMA Investing LLC increased 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 buying an additional 183 shares during the last quarter. Strategic Investment Solutions Inc. IL boosted its stake in Avis Budget Group by 198.3% during the third quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider’s stock valued at $32,000 after buying an additional 240 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of Avis Budget Group by 293.3% during the third quarter. Nisa Investment Advisors LLC now owns 409 shares of the business services provider’s stock worth $36,000 after purchasing an additional 305 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Avis Budget Group in the 2nd quarter worth approximately $75,000. Finally, Headlands Technologies LLC purchased a new stake in Avis Budget Group during the second quarter valued at about $116,000. 96.35% of the stock is owned by institutional investors.

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.