Key Points
- Avis Budget Group director Lynn Krominga sold 28,404 shares for about $3.42 million, reducing her direct stake by 94.16% to 1,762 shares.
- Quarterly EPS was $5.15, missing the $8.01 analyst consensus; revenue of $3.44 billion slightly exceeded estimates but declined 2.4% year over year.
- Analyst sentiment was cautious: MarketBeat reported an average “Reduce” rating and a $116.14 average price target, while the shares opened at $127.65.
Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) Director Glenn Lurie sold 6,101 shares of the firm's stock in a transaction on Friday, November 6th. The stock was sold at an average price of $120.38, for a total value of $734,438.38. Following the transaction, the director directly owned 11,508 shares of the company's stock, valued at approximately $1,385,333.04. This represents a 34.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Avis Budget Group Stock Up 7.4%
Shares of CAR opened at $127.65 on Tuesday. Avis Budget Group, Inc. has a 12 month low of $85.96 and a 12 month high of $847.70. The stock's 50-day moving average price is $113.96 and its two-hundred day moving average price is $152.93.
Avis Budget Group (NASDAQ:CAR - Get Free Report) last released 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 during the quarter, compared to analysts' expectations of $3.42 billion. The company's revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $10.11 EPS. As a group, research analysts anticipate that Avis Budget Group, Inc. will post 1.08 earnings per share for the current fiscal year.
Institutional Trading of Avis Budget Group
A number of large investors have recently bought and sold shares of CAR. Pentwater Capital Management LP bought a new position in shares of Avis Budget Group in the 2nd quarter worth about $371,541,000. Hsbc Holdings PLC acquired a new position in shares of Avis Budget Group in the 2nd quarter valued at about $247,773,000. BlackRock Inc. bought a new stake in shares of Avis Budget Group during the 2nd quarter valued at about $245,413,000. Cibc World Market Inc. bought a new stake in shares of Avis Budget Group during the 2nd quarter valued at about $73,915,000. Finally, Bank of Nova Scotia bought a new stake in shares of Avis Budget Group during the 2nd quarter valued at about $46,701,000. 96.35% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
CAR has been the topic of several analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Avis Budget Group in a report on Monday, August 17th. The Goldman Sachs Group raised their price target on shares of Avis Budget Group from $94.00 to $108.00 and gave the stock a "sell" rating in a report on Thursday, November 5th. Zacks Research lowered shares of Avis Budget Group from a "hold" rating to a "strong sell" rating in a report on Monday, October 19th. JPMorgan Chase & Co. dropped their price target on shares of Avis Budget Group from $105.00 to $85.00 and set an "underweight" rating on the stock in a research report on Thursday, November 5th. Finally, Morgan Stanley reduced their price objective on shares of Avis Budget Group from $99.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Friday, September 11th. Five 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 currently has an average rating of "Reduce" and an average target price of $116.14.
Read Our Latest Analysis on Avis Budget Group
About Avis Budget Group
(
Get Free Report)
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
