Avis Budget Group (NASDAQ:CAR) Sees Unusually-High Trading Volume - Still a Buy?

Shares of Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) saw unusually-strong trading volume on Thursday . Approximately 547,381 shares traded hands during mid-day trading, a decline of 33% from the previous session's volume of 814,604 shares.The stock last traded at $81.37 and had previously closed at $72.69.

Avis Budget Group Price Performance

The stock's 50 day simple moving average is $73.71 and its two-hundred day simple moving average is $84.56. The stock has a market capitalization of $2.99 billion, a PE ratio of -1.64 and a beta of 2.05.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its quarterly earnings results 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 return on equity of 14.74% and a negative net margin of 15.45%. As a group, equities research analysts predict that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Lynn Krominga sold 1,405 shares of the company'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 sale, the director now directly owns 1,950 shares in the company, valued at $185,250. This represents a 41.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 52.80% of the stock is owned by insiders.

Institutional Trading of Avis Budget Group

Several institutional investors and hedge funds have recently bought and sold shares of CAR. Nomura Holdings Inc. raised its position in shares of Avis Budget Group by 93.2% in the fourth quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider's stock worth $39,537,000 after buying an additional 236,576 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Avis Budget Group by 139.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 379,805 shares of the business services provider's stock worth $30,616,000 after purchasing an additional 221,456 shares in the last quarter. National Bank of Canada FI increased its position in shares of Avis Budget Group by 266.7% in 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 purchasing an additional 240,000 shares during the last quarter. ING Groep NV lifted its position in 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 valued at $26,198,000 after purchasing an additional 245,800 shares during the last quarter. Finally, Steadfast Capital Management LP purchased a new position in Avis Budget Group in the 4th quarter worth approximately $25,747,000. 96.35% of the stock is currently owned by hedge funds and other 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.