Avis Budget Group (NASDAQ:CAR) Shares Gap Down – Time to Sell?

Avis Budget Group, Inc. (NASDAQ:CAR) gapped down before the market opened on Tuesday . The stock had previously closed at $371.01, but opened at $352.05. Avis Budget Group shares last traded at $341.5940, with a volume of 1,421,975 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CAR. The Goldman Sachs Group set a $85.00 price objective on shares of Avis Budget Group in a report on Monday, February 23rd. Zacks Research cut shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. Deutsche Bank Aktiengesellschaft cut shares of Avis Budget Group from a “buy” rating to a “hold” rating and set a $128.00 price objective for the company. in a report on Monday, April 6th. Barclays decreased their price objective on shares of Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, February 26th. Finally, Morgan Stanley reduced their price target on shares of Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating for the company in a report on Friday, March 6th. Five equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $115.00.

Avis Budget Group Stock Down 3.5%

The company’s fifty day moving average is $134.68 and its 200 day moving average is $135.53. The firm has a market cap of $12.64 billion, a price-to-earnings ratio of -13.71 and a beta of 1.94.

Insider Buying and Selling at Avis Budget Group

In other Avis Budget Group news, major shareholder Pentwater Capital Management L bought 425,000 shares of Avis Budget Group stock in a transaction that occurred on Friday, February 20th. The stock was acquired at an average price of $94.26 per share, for a total transaction of $40,060,500.00. Following the completion of the acquisition, the insider owned 3,987,100 shares of the company’s stock, valued at $375,824,046. This trade represents a 11.93% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Lynn Krominga sold 1,950 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $91.54, for a total transaction of $178,503.00. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 52.80% of the company’s stock.

Institutional Trading of Avis Budget Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in CAR. Assenagon Asset Management S.A. boosted its holdings in shares of Avis Budget Group by 40.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 539,395 shares of the business services provider’s stock worth $69,215,000 after buying an additional 154,994 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Avis Budget Group by 1,443.0% during the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 15,955 shares of the business services provider’s stock worth $2,562,000 after buying an additional 14,921 shares during the period. Intech Investment Management LLC boosted its holdings in shares of Avis Budget Group by 203.8% during the 3rd quarter. Intech Investment Management LLC now owns 37,467 shares of the business services provider’s stock worth $6,016,000 after buying an additional 25,135 shares during the period. Retirement Systems of Alabama boosted its holdings in shares of Avis Budget Group by 49.3% during the 3rd quarter. Retirement Systems of Alabama now owns 30,825 shares of the business services provider’s stock worth $4,950,000 after buying an additional 10,179 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Avis Budget Group during the 3rd quarter worth about $2,726,000. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Company Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.