Avis Budget Group (NASDAQ:CAR) trades up 4.7% on insider buying activity
Avis Budget Group, Inc. Stock (NASDAQ: CAR – Get a rating) traded up 4.7% on Monday following insider buying activity. The company traded as high as $185.73 and last traded at $182.96. 3,377 shares were traded at midday, down 100% from the average session volume of 1,032,235 shares. The stock previously closed at $174.68. More specifically, the President Bernardo Hees acquired 26,000 shares of Avis Budget Group in a transaction that took place on Wednesday, May 18. The stock was purchased at an average price of $189.90 per share, for a total transaction of $4,937,400.00. Following completion of the transaction, the President now owns 422,142 shares of the company, valued at $80,164,765.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, accessible via the SEC website. Also, director Lynn Krominga sold 5,823 shares of the company in a trade on Thursday, March 3. The shares were sold at an average price of $187.50, for a total value of $1,091,812.50. Disclosure of this sale can be found here. 37.30% of the shares are held by insiders.
Several analysts have published reports on CAR shares. StockNews.com raised Avis Budget Group from a “hold” to a “buy” rating in a report released on Friday. JPMorgan Chase & Co. lowered its price target on Avis Budget Group from $205.00 to $190.00 and set a “neutral” rating for the company in a Wednesday, February 16 research note. Barclays upgraded Avis Budget Group from an “underweight” rating to an “equal weight” rating and raised its price target for the stock from $164.00 to $245.00 in a Wednesday research note April 20. Zacks Investment Research upgraded Avis Budget Group from a “hold” rating to a “strong-buy” rating and set a price target of $310.00 for the company in a Tuesday, April 19 research note. Finally, Morgan Stanley lowered its price target on Avis Budget Group from $170.00 to $168.00 and set an “underweight” rating for the company in a Wednesday, Feb. 16 research note. Two research analysts rated the stock with a sell rating, three issued a hold rating, one gave the stock a buy rating and one gave the stock a strong buy rating. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $231.83.
The company has a 50-day simple moving average of $259.52 and a 200-day simple moving average of $230.66. The company has a market capitalization of $8.59 billion, a PE ratio of 5.39, a P/E/G ratio of 0.26 and a beta of 2.02.
Avis Budget Group (NASDAQ: CAR – Get a rating) last released its quarterly earnings data on Monday, May 2. The business services provider reported earnings per share (EPS) of $9.99 for the quarter, beating consensus analyst estimates of $3.45 from $6.54. Avis Budget Group recorded a negative return on equity of 635.44% and a net margin of 19.13%. In the same quarter of the previous year, the company achieved EPS of ($0.46). Equity research analysts expect Avis Budget Group, Inc. to post earnings per share of 35.95 for the current year.
A number of hedge funds have recently changed their holdings in the company. State Street Corp increased its stake in Avis Budget Group by 1.2% in the first quarter. State Street Corp now owns 1,458,488 shares of the business services provider worth $384,020,000 after acquiring 16,655 additional shares in the last quarter. The Canada Pension Plan Investment Board increased its stake in Avis Budget Group by 224.8% in the fourth quarter. The Canada Pension Plan Investment Board now owns 1,299,208 shares of the business services provider worth $269,417,000 after acquiring 899,208 more shares last quarter. Dimensional Fund Advisors LP increased its stake in Avis Budget Group by 0.5% in the third quarter. Dimensional Fund Advisors LP now owns 1,245,759 shares of the business services provider worth $145,150,000 after acquiring 6,388 additional shares in the last quarter. Northern Trust Corp increased its stake in Avis Budget Group by 0.6% in the first quarter. Northern Trust Corp now owns 622,685 shares of the business services provider worth $163,952,000 after acquiring 3,626 more shares last quarter. Finally, Invesco Ltd. increased its stake in Avis Budget Group by 33.9% in the third quarter. Invesco Ltd. now owns 608,440 shares of the business services provider worth $70,889,000 after acquiring an additional 153,906 shares last quarter.
About Avis Budget Group (NASDAQ:CAR)
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rental, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, which provides vehicle rental and other mobility solutions to the premium business and leisure segments of the travel industry; the Budget Truck brand, a local one-way truck and van rental company with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated locations and 385 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car-sharing network.
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