Avis Budget Group (NASDAQ:CAR) Trading 5.5% Higher – Here’s Why

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) were up 5.5% during mid-day trading on Friday . The stock traded as high as $60.64 and last traded at $61.11. Approximately 486,903 shares traded hands during trading, a decline of 29% from the average daily volume of 689,095 shares. The stock had previously closed at $57.92.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group boosted their price objective on Avis Budget Group from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Avis Budget Group currently has an average rating of “Hold” and a consensus target price of $133.75.

Avis Budget Group Trading Up 4.7 %

The stock has a fifty day moving average of $81.82 and a two-hundred day moving average of $85.97. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of -1.17 and a beta of 2.37.

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

Insider Activity

In related news, Director Lynn Krominga sold 1,405 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $95.00, for a total value of $133,475.00. Following the sale, the director now owns 1,950 shares in the company, valued at approximately $185,250. This represents a 41.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 52.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CAR. Steadfast Capital Management LP bought a new position in Avis Budget Group in the 4th quarter valued at approximately $25,747,000. ING Groep NV increased its holdings in shares of Avis Budget Group by 310.4% during the fourth quarter. ING Groep NV now owns 325,000 shares of the business services provider’s stock worth $26,198,000 after buying an additional 245,800 shares in the last quarter. National Bank of Canada FI increased its holdings in shares of Avis Budget Group by 266.7% during the fourth quarter. National Bank of Canada FI now owns 330,000 shares of the business services provider’s stock worth $26,601,000 after buying an additional 240,000 shares in the last quarter. Nomura Holdings Inc. lifted its stake in shares of Avis Budget Group by 93.2% in the 4th quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider’s stock valued at $39,537,000 after acquiring an additional 236,576 shares during the last quarter. Finally, Jefferies Financial Group Inc. boosted its holdings in shares of Avis Budget Group by 1,391.0% during the 4th quarter. Jefferies Financial Group Inc. now owns 253,200 shares of the business services provider’s stock valued at $20,410,000 after acquiring an additional 236,218 shares in the last quarter. Institutional investors own 96.35% of the company’s stock.

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.