Avis Budget Group (NASDAQ:CAR) Director Sells $3,415,581.00 in Stock

Avis Budget Group, Inc. (NASDAQ:CAR) Director Lynn Krominga sold 28,404 shares of the business’s stock in a transaction on Friday, November 6th. The stock was sold at an average price of $120.25, for a total transaction of $3,415,581.00. Following the transaction, the director owned 1,762 shares in the company, valued at approximately $211,880.50. The trade was a 94.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Avis Budget Group Stock Up 2.6%

NASDAQ CAR opened at $127.32 on Thursday. The firm’s fifty day moving average price is $113.23 and its two-hundred day moving average price is $152.95. 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 announced its quarterly earnings results on Tuesday, November 3rd. The business services provider reported $5.15 EPS for the quarter, missing analysts’ consensus estimates of $8.01 by ($2.86). The business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.42 billion. During the same period in the prior year, the company posted $10.11 EPS. Avis Budget Group’s revenue was down 2.4% on a year-over-year basis. On average, analysts anticipate that Avis Budget Group, Inc. will post 1.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

CAR has been the subject of several recent analyst reports. Morgan Stanley cut their target price on shares of Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating for the company in a research note on Friday, September 11th. Zacks Research downgraded Avis Budget Group from a “hold” rating to a “strong sell” rating in a research report on Monday, October 19th. Susquehanna dropped their price objective on Avis Budget Group from $140.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 4th. JPMorgan Chase & Co. dropped their price objective on Avis Budget Group from $105.00 to $85.00 and set an “underweight” rating on the stock in a research note on Thursday, November 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avis Budget Group in a research report on Monday, August 17th. Five investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, Avis Budget Group currently has a consensus rating of “Reduce” and an average target price of $116.14.

Hedge Funds Weigh In On Avis Budget Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAR. Pentwater Capital Management LP acquired a new position in shares of Avis Budget Group in the second quarter valued at $371,541,000. Hsbc Holdings PLC acquired a new stake in shares of Avis Budget Group during the 2nd quarter worth about $247,773,000. BlackRock Inc. acquired a new stake in shares of Avis Budget Group during the 2nd quarter worth about $245,413,000. Cibc World Market Inc. acquired a new stake in shares of Avis Budget Group during the 2nd quarter worth about $73,915,000. Finally, Bank of Nova Scotia bought a new stake in shares of Avis Budget Group during the 2nd quarter worth about $46,701,000. 96.35% of the stock is owned by institutional investors.

About Avis Budget Group

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.