Avis Budget Group, Inc. (NASDAQ:CAR) Insider Patrick K. Rankin Sells 10,000 Shares of Stock

Avis Budget Group, Inc. (NASDAQ:CARGet Rating) insider Patrick K. Rankin sold 10,000 shares of Avis Budget Group stock in a transaction dated Tuesday, November 22nd. The shares were sold at an average price of $230.05, for a total value of $2,300,500.00. Following the completion of the transaction, the insider now owns 41,935 shares in the company, valued at approximately $9,647,146.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Avis Budget Group Trading Down 1.2 %

NASDAQ CAR opened at $222.79 on Thursday. The stock has a fifty day simple moving average of $194.64 and a 200-day simple moving average of $180.98. Avis Budget Group, Inc. has a twelve month low of $131.83 and a twelve month high of $327.80. The stock has a market cap of $9.24 billion, a PE ratio of 4.15 and a beta of 2.26.

Avis Budget Group (NASDAQ:CARGet Rating) last posted its earnings results on Monday, October 31st. The business services provider reported $21.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $14.80 by $6.90. Avis Budget Group had a negative return on equity of 473.08% and a net margin of 23.09%. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.54 billion. During the same quarter in the prior year, the company earned $10.74 EPS. Avis Budget Group’s revenue was up 18.2% on a year-over-year basis. Research analysts predict that Avis Budget Group, Inc. will post 52.75 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on CAR shares. Deutsche Bank Aktiengesellschaft lifted their target price on Avis Budget Group from $218.00 to $233.00 in a research note on Wednesday, November 2nd. Jefferies Financial Group lowered Avis Budget Group to a “buy” rating and dropped their target price for the company from $309.00 to $270.00 in a research report on Tuesday, October 25th. Morgan Stanley boosted their price target on Avis Budget Group from $150.00 to $160.00 and gave the company an “underweight” rating in a report on Thursday, November 3rd. StockNews.com started coverage on Avis Budget Group in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. raised Avis Budget Group from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $230.00 to $231.00 in a research note on Monday, October 24th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, Avis Budget Group has a consensus rating of “Hold” and an average target price of $215.33.

Institutional Investors Weigh In On Avis Budget Group

Hedge funds have recently bought and sold shares of the stock. National Bank of Canada FI raised its position in shares of Avis Budget Group by 616,533.8% during the 2nd quarter. National Bank of Canada FI now owns 857,121 shares of the business services provider’s stock worth $126,066,000 after acquiring an additional 856,982 shares in the last quarter. Bank of America Corp DE grew its stake in Avis Budget Group by 203.5% during the 1st quarter. Bank of America Corp DE now owns 789,094 shares of the business services provider’s stock worth $207,769,000 after buying an additional 529,066 shares during the last quarter. Hsbc Holdings PLC grew its stake in Avis Budget Group by 11,720.4% during the 1st quarter. Hsbc Holdings PLC now owns 198,110 shares of the business services provider’s stock worth $52,044,000 after buying an additional 196,434 shares during the last quarter. Wedge Capital Management L L P NC purchased a new position in Avis Budget Group during the 3rd quarter worth approximately $27,354,000. Finally, Renaissance Technologies LLC grew its stake in Avis Budget Group by 80.2% during the 3rd quarter. Renaissance Technologies LLC now owns 238,200 shares of the business services provider’s stock worth $35,363,000 after buying an additional 106,000 shares during the last quarter. Institutional investors and hedge funds own 98.69% of the company’s stock.

About Avis Budget Group

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Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated and 385 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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