Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) EVP Ravi Simhambhatla sold 3,469 shares of the business's stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $184.09, for a total value of $638,608.21. Following the transaction, the executive vice president owned 13,876 shares in the company, valued at $2,554,432.84. This represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Avis Budget Group Stock Down 0.3%
Shares of CAR opened at $180.67 on Friday. Avis Budget Group, Inc. has a 12-month low of $85.96 and a 12-month high of $847.70. The firm has a market capitalization of $6.38 billion, a price-to-earnings ratio of -9.48 and a beta of 1.94. The stock's 50-day moving average price is $197.79 and its 200 day moving average price is $154.39.
Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The company had revenue of $2.53 billion during the quarter, compared to analysts' expectations of $2.43 billion. During the same quarter last year, the company earned ($14.35) EPS. The firm's revenue for the quarter was up 4.1% on a year-over-year basis. Equities research analysts expect that Avis Budget Group, Inc. will post 3.87 EPS for the current year.
Institutional Investors Weigh In On Avis Budget Group
Several large investors have recently modified their holdings of the stock. UBS Group AG grew its stake in shares of Avis Budget Group by 37.3% in the 4th 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 during the period. Morgan Stanley grew its stake in shares of Avis Budget Group by 38.1% in the 4th 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 during the period. National Bank of Canada FI grew its stake in shares of Avis Budget Group by 46.6% in the 3rd 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 during the period. ING Groep NV grew its stake in shares of Avis Budget Group by 440.2% in the 3rd 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 during the period. Finally, State Street Corp grew its stake in shares of Avis Budget Group by 1.0% in the 2nd 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 during the period. 96.35% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several brokerages recently issued reports on CAR. Morgan Stanley lowered their price target on Avis Budget Group from $142.00 to $97.00 and set an "equal weight" rating on the stock in a research note on Friday, March 6th. 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 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. Zacks Research lowered Avis Budget Group from a "hold" rating to a "strong sell" rating in a research note on Thursday, February 19th. Finally, Barclays lowered Avis Budget Group from an "equal weight" rating to an "underweight" rating and upped their price objective for the company from $95.00 to $150.00 in a research note on Monday, April 20th. Three investment analysts have rated the stock with a Hold rating and six have given a Sell rating to the company's stock. According to MarketBeat, Avis Budget Group presently has an average rating of "Strong Sell" and an average price target of $124.00.
View Our Latest Analysis on CAR
More Avis Budget Group News
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About Avis Budget Group
(
Get Free Report)
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.
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