Avis Budget Group (NASDAQ:CAR) Shares Down 5.4% – Here’s What Happened

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) dropped 5.4% during trading on Tuesday . The stock traded as low as $100.12 and last traded at $100.25. Approximately 151,065 shares traded hands during trading, a decline of 79% from the average daily volume of 714,960 shares. The stock had previously closed at $105.93.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Susquehanna decreased their price objective on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Barclays assumed coverage on Avis Budget Group in a research report on Thursday, September 19th. They set an “equal weight” rating and a $105.00 price objective for the company. The Goldman Sachs Group lowered their target price on shares of Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Friday, October 11th. JPMorgan Chase & Co. reduced their price target on shares of Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Avis Budget Group from $145.00 to $143.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Avis Budget Group presently has a consensus rating of “Hold” and a consensus target price of $133.13.

Avis Budget Group Stock Performance

The company’s 50-day simple moving average is $91.41 and its 200 day simple moving average is $95.15. The company has a market cap of $3.56 billion, a PE ratio of 9.11 and a beta of 2.20.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Thursday, October 31st. The business services provider reported $6.65 EPS for the quarter, missing the consensus estimate of $8.55 by ($1.90). The company had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.53 billion. Avis Budget Group had a negative return on equity of 101.41% and a net margin of 3.34%. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $16.78 earnings per share. Analysts forecast that Avis Budget Group, Inc. will post 3.59 EPS for the current year.

Hedge Funds Weigh In On Avis Budget Group

Several hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC grew its position in shares of Avis Budget Group by 19,203.5% during the third quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider’s stock worth $421,350,000 after acquiring an additional 478,552 shares during the last quarter. Rubric Capital Management LP grew its position in Avis Budget Group by 220.9% during the 2nd quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider’s stock worth $72,147,000 after purchasing an additional 475,181 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Avis Budget Group in the second quarter valued at $19,978,000. FMR LLC raised its holdings in shares of Avis Budget Group by 4.0% in the third quarter. FMR LLC now owns 3,354,546 shares of the business services provider’s stock valued at $293,825,000 after buying an additional 129,805 shares during the last quarter. Finally, Toronto Dominion Bank acquired a new stake in shares of Avis Budget Group during the second quarter worth about $10,452,000. Hedge funds and other institutional investors own 96.35% of the company’s stock.

About Avis Budget Group

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.