Avis Budget Group (NASDAQ:CAR) Shares Up 5.1% – Still a Buy?

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) rose 5.1% on Thursday . The stock traded as high as $284.75 and last traded at $274.5540. Approximately 1,648,599 shares traded hands during trading, an increase of 59% from the average daily volume of 1,035,854 shares. The stock had previously closed at $261.35.

Analysts Set New Price Targets

CAR has been the subject of several recent research reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Deutsche Bank Aktiengesellschaft cut Avis Budget Group from a “buy” rating to a “hold” rating and set a $128.00 price objective for the company. in a research report on Monday. The Goldman Sachs Group set a $85.00 price objective on Avis Budget Group in a research report on Monday, February 23rd. Zacks Research cut Avis Budget Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 19th. Finally, Wall Street Zen cut Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Five investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $115.00.

Avis Budget Group Stock Up 3.1%

The firm has a market cap of $9.50 billion, a P/E ratio of -10.67 and a beta of 1.94. The firm has a fifty day moving average of $122.25 and a 200-day moving average of $132.30.

Insider Activity

In related news, Director Lynn Krominga sold 1,950 shares of the company’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $91.54, for a total transaction of $178,503.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Pentwater Capital Management L bought 425,000 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were bought at an average price of $94.26 per share, for a total transaction of $40,060,500.00. Following the acquisition, the insider directly owned 3,987,100 shares of the company’s stock, valued at $375,824,046. This represents a 11.93% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 52.80% of the company’s stock.

Institutional Trading of Avis Budget Group

Several institutional investors and hedge funds have recently bought and sold shares of CAR. Caitong International Asset Management Co. Ltd raised its stake in Avis Budget Group by 1,845.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock valued at $27,000 after buying an additional 203 shares during the period. Quarry LP bought a new stake in Avis Budget Group in the fourth quarter valued at approximately $27,000. Deseret Mutual Benefit Administrators raised its stake in Avis Budget Group by 102.3% in the third quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock valued at $28,000 after buying an additional 88 shares during the period. Basepoint Wealth LLC bought a new stake in Avis Budget Group in the fourth quarter valued at approximately $32,000. Finally, Hantz Financial Services Inc. raised its stake in Avis Budget Group by 136.4% in the third quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider’s stock valued at $41,000 after buying an additional 146 shares during the period. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Company Profile

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.