Avis Budget Group (NASDAQ:CAR) Shares Up 5.5% - Here's What Happened

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

Analyst Ratings Changes

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

Avis Budget Group Stock Down 1.7 %

The stock has a market capitalization of $2.09 billion, a PE ratio of -1.15 and a beta of 2.37. The stock's 50 day moving average price is $81.36 and its 200-day moving average price is $85.98.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted 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%. On average, analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

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Insiders Place Their Bets

In related 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 value of $133,475.00. Following the sale, the director now directly owns 1,950 shares in the company, valued at approximately $185,250. The trade was a 41.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 52.00% of the company's stock.

Institutional Trading of Avis Budget Group

Large investors have recently added to or reduced their stakes in the company. Amalgamated Bank raised its position in shares of Avis Budget Group by 2.0% during the 4th quarter. Amalgamated Bank now owns 7,973 shares of the business services provider's stock valued at $643,000 after buying an additional 155 shares in the last quarter. GAMMA Investing LLC lifted 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 worth $27,000 after buying an additional 183 shares during the last quarter. Yousif Capital Management LLC increased its position in Avis Budget Group by 2.5% during the fourth quarter. Yousif Capital Management LLC now owns 7,592 shares of the business services provider's stock valued at $612,000 after acquiring an additional 187 shares during the last quarter. Quadrant Capital Group LLC raised its stake in shares of Avis Budget Group by 41.0% in 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 during the period. Finally, Sterling Capital Management LLC raised its stake 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 valued at $59,000 after acquiring an additional 215 shares during the period. Institutional investors own 96.35% of the company's stock.

About Avis Budget Group

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.