Avis Budget Group (NASDAQ:CAR) Trading Down 9.2% - Here's Why

Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) fell 9.2% on Wednesday . The company traded as low as $81.29 and last traded at $81.48. 230,016 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 527,525 shares. The stock had previously closed at $89.71.

Analysts Set New Price Targets

A number of equities analysts have commented on CAR shares. The Goldman Sachs Group increased their target price on Avis Budget Group from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. JPMorgan Chase & Co. lowered their price target on Avis Budget Group from $175.00 to $150.00 and set an "overweight" rating for the company in a research report on Monday, November 4th. Deutsche Bank Aktiengesellschaft reduced their price objective on Avis Budget Group from $145.00 to $143.00 and set a "buy" rating on the stock in a research note on Tuesday, November 5th. StockNews.com upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Monday, November 4th. Finally, Northcoast Research cut Avis Budget Group from a "buy" rating to a "neutral" rating in a research note on Monday, November 18th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Avis Budget Group has an average rating of "Hold" and an average price target of $133.75.

Avis Budget Group Trading Up 4.1 %

The stock has a fifty day simple moving average of $87.67 and a two-hundred day simple moving average of $88.08. The company has a market cap of $3.19 billion, a PE ratio of 8.29 and a beta of 2.26.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its quarterly earnings data on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.50) by $0.27. Avis Budget Group had a negative return on equity of 101.41% and a net margin of 3.34%. As a group, equities research analysts anticipate that Avis Budget Group, Inc. will post 3.69 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Aster Capital Management DIFC Ltd purchased a new stake in Avis Budget Group during the 4th quarter worth $25,000. GAMMA Investing LLC increased 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 valued at $27,000 after purchasing an additional 183 shares during the period. Strategic Investment Solutions Inc. IL increased its stake in shares of Avis Budget Group by 198.3% in the third quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider's stock valued at $32,000 after purchasing an additional 240 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Avis Budget Group by 293.3% in the third quarter. Nisa Investment Advisors LLC now owns 409 shares of the business services provider's stock valued at $36,000 after purchasing an additional 305 shares during the period. Finally, Quadrant Capital Group LLC boosted its holdings 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 in the last quarter. 96.35% of the stock is currently owned by institutional investors and hedge funds.

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.