Avis Budget Group (NASDAQ:CAR) Hits New 1-Year High – Here’s What Happened

Avis Budget Group, Inc. (NASDAQ:CAR)’s stock price hit a new 52-week high on Monday . The company traded as high as $520.69 and last traded at $513.8850, with a volume of 869590 shares traded. The stock had previously closed at $493.86.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CAR shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Zacks Research lowered shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 19th. Barclays lowered shares of Avis Budget Group from an “equal weight” rating to an “underweight” rating and raised their price objective for the company from $95.00 to $150.00 in a research report on Monday. Deutsche Bank Aktiengesellschaft lowered shares of 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, April 6th. Finally, Morgan Stanley cut their price objective on shares of Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating for the company in a research report on Friday, March 6th. Four analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Strong Sell” and a consensus target price of $122.86.

Avis Budget Group Stock Up 11.5%

The company has a market capitalization of $19.45 billion, a P/E ratio of -21.64 and a beta of 1.94. The business’s 50-day moving average price is $160.11 and its 200 day moving average price is $143.33.

Insider Activity at Avis Budget Group

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Deseret Mutual Benefit Administrators raised its stake in shares of Avis Budget Group by 102.3% during the third quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock worth $28,000 after acquiring an additional 88 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in shares of 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 worth $27,000 after buying an additional 203 shares during the period. Quarry LP purchased a new position in shares of Avis Budget Group in the fourth quarter worth $27,000. Basepoint Wealth LLC purchased a new position in shares of Avis Budget Group in the fourth quarter worth $32,000. Finally, Hantz Financial Services Inc. increased its stake in shares of 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 worth $41,000 after buying an additional 146 shares during the period. 96.35% of the stock is owned by hedge funds and other institutional investors.

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.