Avis Budget Group, Inc. (NASDAQ:CAR)’s stock price reached a new 52-week high on Monday . The company traded as high as $63.77 and last traded at $63.24, with a volume of 8630 shares changing hands. The stock had previously closed at $62.33.
Several equities analysts have recently commented on the stock. Barclays increased their price target on shares of Avis Budget Group from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Monday, February 22nd. JPMorgan Chase & Co. dropped their price target on shares of Avis Budget Group from $38.00 to $35.00 and set a “neutral” rating on the stock in a research note on Thursday, February 18th. Bank of America started coverage on shares of Avis Budget Group in a research note on Monday, January 25th. They issued a “buy” rating and a $50.00 price target on the stock. Finally, Morgan Stanley raised their price objective on shares of Avis Budget Group from $56.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, March 3rd. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $40.57.
The stock has a market capitalization of $4.47 billion, a price-to-earnings ratio of -9.86 and a beta of 2.31. The stock’s 50-day simple moving average is $45.63 and its 200 day simple moving average is $37.30.
Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Monday, February 15th. The business services provider reported ($0.36) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.40) by $0.04. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.38 billion. Avis Budget Group had a negative net margin of 7.28% and a negative return on equity of 199.17%. Equities analysts predict that Avis Budget Group, Inc. will post -6.29 EPS for the current year.
In other Avis Budget Group news, EVP Edward P. Linnen sold 8,300 shares of the company’s stock in a transaction that occurred on Friday, March 5th. The shares were sold at an average price of $62.49, for a total value of $518,667.00. Following the completion of the sale, the executive vice president now owns 35,038 shares of the company’s stock, valued at $2,189,524.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian J. Choi bought 23,735 shares of the stock in a transaction on Friday, February 19th. The stock was purchased at an average cost of $45.88 per share, with a total value of $1,088,961.80. Following the purchase, the chief financial officer now directly owns 22,000 shares of the company’s stock, valued at approximately $1,009,360. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 34,335 shares of company stock valued at $1,668,790. 23.20% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of the business. First Trust Advisors LP boosted its holdings in shares of Avis Budget Group by 13.2% in the first quarter. First Trust Advisors LP now owns 37,787 shares of the business services provider’s stock valued at $1,317,000 after buying an additional 4,400 shares during the period. State of New Jersey Common Pension Fund D acquired a new position in Avis Budget Group during the third quarter worth $1,738,000. KBC Group NV boosted its holdings in Avis Budget Group by 128.9% during the third quarter. KBC Group NV now owns 7,229 shares of the business services provider’s stock worth $190,000 after purchasing an additional 4,071 shares during the last quarter. Dupont Capital Management Corp boosted its holdings in Avis Budget Group by 192.3% during the third quarter. Dupont Capital Management Corp now owns 10,489 shares of the business services provider’s stock worth $276,000 after purchasing an additional 6,900 shares during the last quarter. Finally, Great Lakes Advisors LLC acquired a new stake in Avis Budget Group in the third quarter valued at $6,264,000. 99.53% of the stock is owned by hedge funds and other institutional investors.
About Avis Budget Group (NASDAQ:CAR)
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers. It operates the Avis brand, a vehicle rental system that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 575 dealer-operated and 420 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.
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