Avis Budget Group (NASDAQ:CAR) EVP Sells $1,568,300.00 in Stock

Avis Budget Group, Inc. (NASDAQ:CAR) EVP Edward Linnen sold 10,000 shares of Avis Budget Group stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the completion of the transaction, the executive vice president directly owned 40,915 shares in the company, valued at approximately $6,416,699.45. The trade was a 19.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Avis Budget Group Stock Down 5.5%

NASDAQ:CAR opened at $147.94 on Thursday. The stock has a market capitalization of $5.21 billion, a price-to-earnings ratio of -2.34 and a beta of 2.19. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $212.81. The firm has a 50 day moving average of $169.57 and a 200 day moving average of $116.32.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.02 by ($1.92). The firm had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.02 billion. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%.Avis Budget Group’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 earnings per share. As a group, analysts expect that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on CAR. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $155.00 target price on shares of Avis Budget Group in a research report on Thursday, July 31st. Barclays upped their price objective on shares of Avis Budget Group from $105.00 to $150.00 and gave the company an “equal weight” rating in a report on Monday, August 4th. Bank of America reiterated an “underperform” rating and issued a $113.00 target price (down from $120.00) on shares of Avis Budget Group in a research note on Wednesday. Wall Street Zen upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 3rd. Finally, The Goldman Sachs Group reissued a “sell” rating and set a $105.00 price objective (up from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Avis Budget Group has an average rating of “Reduce” and a consensus target price of $143.80.

Hedge Funds Weigh In On Avis Budget Group

Institutional investors have recently bought and sold shares of the business. Crossmark Global Holdings Inc. purchased a new stake in shares of Avis Budget Group in the 1st quarter valued at $274,000. Captrust Financial Advisors acquired a new position in Avis Budget Group during the fourth quarter valued at $460,000. Northern Trust Corp lifted its position in Avis Budget Group by 21.0% during the fourth quarter. Northern Trust Corp now owns 156,176 shares of the business services provider’s stock valued at $12,589,000 after purchasing an additional 27,127 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Avis Budget Group by 9.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,840 shares of the business services provider’s stock valued at $443,000 after purchasing an additional 519 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in Avis Budget Group by 166.0% during the 1st quarter. Victory Capital Management Inc. now owns 29,527 shares of the business services provider’s stock worth $2,241,000 after purchasing an additional 18,425 shares during the period. 96.35% of the stock is 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.