Avis Budget Group (NASDAQ:CAR) Trading 10.6% Higher – Still a Buy?

Avis Budget Group, Inc. (NASDAQ:CAR) rose 10.6% during trading on Friday . The company traded as high as $60.82 and last traded at $61.35. Approximately 965,296 shares were traded during mid-day trading, an increase of 20% from the average daily volume of 805,479 shares. The stock had previously closed at $55.49.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. The Goldman Sachs Group boosted their price target on Avis Budget Group from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Northcoast Research cut shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a research report on Monday, November 18th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Avis Budget Group has an average rating of “Hold” and a consensus target price of $133.75.

Avis Budget Group Stock Performance

The firm’s fifty day moving average is $84.87 and its 200-day moving average is $86.90. The company has a market capitalization of $2.18 billion, a P/E ratio of -1.20 and a beta of 2.37.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.50) by $0.27. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. As a group, analysts expect that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Insider Activity

In related news, Director Lynn Krominga sold 1,405 shares of the company’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $95.00, for a total transaction of $133,475.00. Following the sale, the director now owns 1,950 shares in the company, valued at $185,250. This represents a 41.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 52.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avis Budget Group

A number of large investors have recently modified their holdings of the company. Aster Capital Management DIFC Ltd purchased a new position in shares of Avis Budget Group during the fourth quarter valued at approximately $25,000. GAMMA Investing LLC lifted its stake in Avis Budget Group by 118.8% during the 4th quarter. GAMMA Investing LLC now owns 337 shares of the business services provider’s stock valued at $27,000 after acquiring an additional 183 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in Avis Budget Group by 41.0% during the 4th quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider’s stock worth $55,000 after acquiring an additional 198 shares during the last quarter. Sterling Capital Management LLC raised its holdings in shares of Avis Budget Group by 41.3% in the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider’s stock valued at $59,000 after purchasing an additional 215 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in Avis Budget Group by 31.8% during the fourth quarter. Signaturefd LLC now owns 936 shares of the business services provider’s stock worth $75,000 after purchasing an additional 226 shares during the last quarter. 96.35% of the stock is currently owned by institutional investors.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.