Avis Budget Group (NASDAQ:CAR) Stock Price Down 6.8% – Time to Sell?

Avis Budget Group, Inc. (NASDAQ:CAR)’s share price was down 6.8% during mid-day trading on Thursday . The stock traded as low as $380.01 and last traded at $368.9110. Approximately 918,397 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 1,326,341 shares. The stock had previously closed at $395.77.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft cut shares of Avis Budget Group from a “buy” rating to a “hold” rating and set a $128.00 target price for the company. in a report on Monday, April 6th. Wall Street Zen cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. The Goldman Sachs Group set a $85.00 target price on shares of Avis Budget Group in a report on Monday, February 23rd. Zacks Research cut shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. Five equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $115.00.

Avis Budget Group Trading Up 8.0%

The firm has a market cap of $15.11 billion, a PE ratio of -16.84 and a beta of 1.94. The company’s 50-day moving average is $145.95 and its 200 day moving average is $139.10.

Insider Activity at Avis Budget Group

In related news, Director Lynn Krominga sold 1,950 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $91.54, for a total value of $178,503.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Pentwater Capital Management L purchased 425,000 shares of Avis Budget Group stock in a transaction that occurred on Friday, February 20th. The stock was purchased at an average price of $94.26 per share, with a total value of $40,060,500.00. Following the transaction, the insider owned 3,987,100 shares in the company, valued at $375,824,046. This represents a 11.93% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 50.48% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Avis Budget Group

Several hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd lifted its position in Avis Budget Group by 1,845.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock worth $27,000 after buying an additional 203 shares in the last quarter. Quarry LP purchased a new stake in Avis Budget Group in the 4th quarter worth approximately $27,000. Deseret Mutual Benefit Administrators lifted its position in Avis Budget Group by 102.3% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock worth $28,000 after buying an additional 88 shares in the last quarter. Basepoint Wealth LLC purchased a new stake in Avis Budget Group in the 4th quarter worth approximately $32,000. Finally, Hantz Financial Services Inc. lifted its position in Avis Budget Group by 136.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider’s stock worth $41,000 after buying an additional 146 shares in the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

About Avis Budget Group

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.