Avis Budget Group (NASDAQ:CAR) Shares Gap Up - Here's What Happened

Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $61.55, but opened at $64.90. Avis Budget Group shares last traded at $76.13, with a volume of 1,689,735 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group boosted their target price on Avis Budget Group from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Tuesday, December 10th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $130.71.

Avis Budget Group Price Performance

The company has a market cap of $2.64 billion, a PE ratio of -1.45 and a beta of 2.37. The business has a 50 day moving average of $79.69 and a 200 day moving average of $85.94.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its earnings results on Tuesday, February 11th. The business services provider reported ($0.23) EPS for the quarter, topping the consensus estimate 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%. Sell-side analysts forecast that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Lynn Krominga sold 1,405 shares of Avis Budget Group stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $95.00, for a total transaction of $133,475.00. Following the completion of the transaction, the director now directly owns 1,950 shares of the company's stock, valued at $185,250. This trade represents a 41.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 52.00% of the company's stock.

Hedge Funds Weigh In On Avis Budget Group

A number of institutional investors and hedge funds have recently made changes to their positions in CAR. Aster Capital Management DIFC Ltd bought a new position in Avis Budget Group during the 4th quarter valued at approximately $25,000. GAMMA Investing LLC grew its stake in shares of Avis Budget Group by 118.8% in the fourth quarter. GAMMA Investing LLC now owns 337 shares of the business services provider's stock worth $27,000 after acquiring an additional 183 shares during the last quarter. Quadrant Capital Group LLC increased its holdings 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 valued at $55,000 after acquiring an additional 198 shares in the last quarter. Sterling Capital Management LLC raised its position in shares of Avis Budget Group by 41.3% in the 4th quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider's stock worth $59,000 after purchasing an additional 215 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in Avis Budget Group by 31.8% in the 4th quarter. Signaturefd LLC now owns 936 shares of the business services provider's stock worth $75,000 after purchasing an additional 226 shares in the last quarter. Institutional investors own 96.35% of the company's stock.

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.