Avis Budget Group (NASDAQ:CAR) Shares Gap Down - What's Next?

Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) shares gapped down prior to trading on Monday . The stock had previously closed at $100.25, but opened at $97.52. Avis Budget Group shares last traded at $100.29, with a volume of 73,210 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CAR shares. The Goldman Sachs Group reduced their price target on shares of Avis Budget Group from $105.00 to $90.00 and set a "neutral" rating on the stock in a research report on Friday, October 11th. Barclays started coverage on shares of Avis Budget Group in a research report on Thursday, September 19th. They issued an "equal weight" rating and a $105.00 price target on the stock. Northcoast Research cut shares of Avis Budget Group from a "buy" rating to a "neutral" rating in a research report on Monday. JPMorgan Chase & Co. reduced their price target on shares of Avis Budget Group from $175.00 to $150.00 and set an "overweight" rating on the stock in a research report on Monday, November 4th. Finally, StockNews.com upgraded shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Monday, November 4th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Avis Budget Group presently has a consensus rating of "Hold" and a consensus price target of $133.13.

Avis Budget Group Stock Up 0.7 %

The firm's 50 day simple moving average is $85.54 and its 200 day simple moving average is $96.38. The company has a market capitalization of $3.55 billion, a PE ratio of 9.17 and a beta of 2.14.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $8.55 by ($1.90). The company had revenue of $3.48 billion for the quarter, compared to analysts' expectations of $3.53 billion. Avis Budget Group had a net margin of 3.34% and a negative return on equity of 101.41%. The firm's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $16.78 earnings per share. As a group, sell-side analysts predict that Avis Budget Group, Inc. will post 5.24 EPS for the current fiscal year.

Institutional Trading of Avis Budget Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC raised its holdings in Avis Budget Group by 4.0% in the third quarter. FMR LLC now owns 3,354,546 shares of the business services provider's stock worth $293,825,000 after purchasing an additional 129,805 shares in the last quarter. Rubric Capital Management LP boosted its position in Avis Budget Group by 220.9% in the second quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider's stock valued at $72,147,000 after buying an additional 475,181 shares during the last quarter. State Street Corp boosted its position in Avis Budget Group by 2.5% in the 3rd quarter. State Street Corp now owns 672,227 shares of the business services provider's stock worth $58,880,000 after purchasing an additional 16,221 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Avis Budget Group by 0.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 592,341 shares of the business services provider's stock worth $51,883,000 after purchasing an additional 2,561 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its position in Avis Budget Group by 19,203.5% in the 3rd quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider's stock worth $421,350,000 after purchasing an additional 478,552 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors.

Avis Budget Group Company Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.