Avis Budget Group (NASDAQ:CAR) Sees Strong Trading Volume – Time to Buy?

Avis Budget Group, Inc. (NASDAQ:CAR) shares saw unusually-strong trading volume on Tuesday . Approximately 2,098,617 shares were traded during mid-day trading, an increase of 40% from the previous session’s volume of 1,502,454 shares.The stock last traded at $640.57 and had previously closed at $608.80.

Wall Street Analyst Weigh In

A number of research analysts have commented on CAR shares. Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, January 21st. Deutsche Bank Aktiengesellschaft lowered shares of Avis Budget Group from a “buy” rating to a “hold” rating and set a $128.00 price objective on the stock. in a research note on Monday, April 6th. JPMorgan Chase & Co. downgraded shares of Avis Budget Group from a “neutral” rating to an “underweight” rating and set a $165.00 target price on the stock. in a report on Thursday. Morgan Stanley lowered their target price on shares of Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating on the stock in a report on Friday, March 6th. Finally, Zacks Research downgraded shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. Three equities research analysts have rated the stock with a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Strong Sell” and a consensus price target of $124.00.

Avis Budget Group Trading Down 37.8%

The stock’s 50 day moving average price is $188.41 and its two-hundred day moving average price is $152.49. The firm has a market capitalization of $15.68 billion, a price-to-earnings ratio of -17.48 and a beta of 1.94.

Insider Transactions at Avis Budget Group

In related news, major shareholder Pentwater Capital Management L acquired 425,000 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The shares were purchased at an average price of $94.26 per share, with a total value of $40,060,500.00. Following the completion of the acquisition, the insider owned 3,987,100 shares in the company, valued at approximately $375,824,046. This represents a 11.93% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lynn Krominga sold 1,950 shares of the business’s stock in a transaction dated 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. 50.48% of the stock is currently owned by insiders.

Institutional Trading of Avis Budget Group

Several institutional investors and hedge funds have recently modified their holdings of the business. UBS Group AG lifted its holdings in shares of Avis Budget Group by 37.3% in the fourth quarter. UBS Group AG now owns 2,964,807 shares of the business services provider’s stock valued at $380,444,000 after purchasing an additional 804,814 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Avis Budget Group by 38.1% in the fourth quarter. Morgan Stanley now owns 1,975,675 shares of the business services provider’s stock valued at $253,519,000 after purchasing an additional 545,574 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of Avis Budget Group by 46.6% in the third quarter. National Bank of Canada FI now owns 1,290,000 shares of the business services provider’s stock valued at $207,142,000 after purchasing an additional 409,761 shares in the last quarter. ING Groep NV lifted its holdings in shares of Avis Budget Group by 440.2% in the third quarter. ING Groep NV now owns 1,035,000 shares of the business services provider’s stock valued at $166,195,000 after purchasing an additional 843,400 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of Avis Budget Group by 1.0% in the second quarter. State Street Corp now owns 713,127 shares of the business services provider’s stock valued at $120,554,000 after purchasing an additional 7,318 shares in the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

About Avis Budget Group

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.