Avis Budget Group (NASDAQ:CAR) Stock Price Up 5.5% – Here’s What Happened

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

Analysts Set New Price Targets

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

Avis Budget Group Stock Up 5.0 %

The company has a 50 day moving average of $82.30 and a 200 day moving average of $86.05. The stock has a market capitalization of $2.14 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 data on Tuesday, February 11th. The business services provider reported ($0.23) EPS 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, research analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Avis Budget Group news, Director Lynn Krominga sold 1,405 shares of the business’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $95.00, for a total transaction of $133,475.00. Following the completion of the sale, the director now owns 1,950 shares of the company’s stock, valued at approximately $185,250. The trade was a 41.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 52.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avis Budget Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. Aster Capital Management DIFC Ltd purchased a new position in shares of Avis Budget Group in the 4th quarter valued at $25,000. GAMMA Investing LLC raised its position in Avis Budget Group by 118.8% in the fourth quarter. GAMMA Investing LLC now owns 337 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 183 shares during the period. Quadrant Capital Group LLC lifted its stake in shares of Avis Budget Group by 41.0% during the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider’s stock worth $55,000 after purchasing an additional 198 shares in the last quarter. Sterling Capital Management LLC boosted its position in shares of Avis Budget Group by 41.3% in the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider’s stock worth $59,000 after buying an additional 215 shares during the period. Finally, Signaturefd LLC grew its stake in shares of Avis Budget Group by 31.8% in the fourth quarter. Signaturefd LLC now owns 936 shares of the business services provider’s stock valued at $75,000 after buying an additional 226 shares in the last quarter. 96.35% of the stock is owned by institutional investors and hedge funds.

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.