Avis Budget Group (NASDAQ:CAR) Director Glenn Lurie Sells 6,101 Shares of Company Stock

Avis Budget Group, Inc. (NASDAQ:CAR) Director Glenn Lurie sold 6,101 shares of the firm’s stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $120.38, for a total transaction of $734,438.38. Following the completion of the sale, the director owned 11,508 shares in the company, valued at approximately $1,385,333.04. The trade was a 34.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Avis Budget Group Stock Up 7.4%

Shares of Avis Budget Group stock opened at $127.65 on Tuesday. The firm’s 50 day moving average is $113.96 and its 200 day moving average is $152.93. Avis Budget Group, Inc. has a 1 year low of $85.96 and a 1 year high of $847.70.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Tuesday, November 3rd. The business services provider reported $5.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.01 by ($2.86). The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.42 billion. Avis Budget Group’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period last year, the company posted $10.11 EPS. As a group, analysts predict that Avis Budget Group, Inc. will post 1.08 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Hollencrest Capital Management acquired a new stake in Avis Budget Group during the 1st quarter worth approximately $44,000. Allworth Financial LP bought a new stake in Avis Budget Group during the 2nd quarter worth approximately $77,000. Nykredit A S acquired a new position in Avis Budget Group in the 2nd quarter valued at approximately $80,000. Parallel Advisors LLC increased its position in Avis Budget Group by 11.6% in the 1st quarter. Parallel Advisors LLC now owns 587 shares of the business services provider’s stock valued at $86,000 after acquiring an additional 61 shares during the period. Finally, GAMMA Investing LLC increased its position in Avis Budget Group by 11.0% in the 3rd quarter. GAMMA Investing LLC now owns 1,140 shares of the business services provider’s stock valued at $122,000 after acquiring an additional 113 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CAR shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avis Budget Group in a report on Monday, August 17th. Barclays dropped their price target on Avis Budget Group from $160.00 to $115.00 and set an “equal weight” rating for the company in a research note on Monday, November 2nd. Wall Street Zen downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Susquehanna reduced their price objective on Avis Budget Group from $140.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 4th. Finally, Zacks Research lowered Avis Budget Group from a “hold” rating to a “strong sell” rating in a research report on Monday, October 19th. Five equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $116.14.

Avis Budget Group Company Profile

Avis Budget Group, Inc is a global vehicle rental provider operating primarily through the Avis and Budget brands. Its services include short- and longer-term car rentals for leisure and business travelers, as well as vehicle rental solutions for businesses and other organizations.

The company also operates Zipcar, a car-sharing service that lets members reserve vehicles for short periods. In the United States, its offerings include Budget Truck rentals. Avis Budget Group serves customers through company-operated locations and licensees across North America and other regions worldwide.

The company was formed in 2006 after Cendant spun off its car rental business.