Avis Budget Group (NASDAQ:CAR) Shares Gap Down – Here’s What Happened

Avis Budget Group, Inc. (NASDAQ:CAR)’s share price gapped down before the market opened on Monday . The stock had previously closed at $100.25, but opened at $97.52. Avis Budget Group shares last traded at $100.29, with a volume of 73,210 shares.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Northcoast Research cut Avis Budget Group from a “buy” rating to a “neutral” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Avis Budget Group from $145.00 to $143.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. JPMorgan Chase & Co. dropped their price objective on shares of Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. StockNews.com raised Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Finally, The Goldman Sachs Group cut their target price on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating on the stock in a research note on Friday, October 11th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $133.13.

Avis Budget Group Stock Down 0.9 %

The firm has a market capitalization of $3.52 billion, a price-to-earnings ratio of 9.14 and a beta of 2.14. The stock’s fifty day moving average is $86.17 and its two-hundred day moving average is $96.29.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.55 by ($1.90). Avis Budget Group had a net margin of 3.34% and a negative return on equity of 101.41%. The firm had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.53 billion. During the same period in the previous year, the company posted $16.78 earnings per share. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, analysts anticipate that Avis Budget Group, Inc. will post 5.24 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CAR. FMR LLC boosted its position in Avis Budget Group by 4.0% during the third quarter. FMR LLC now owns 3,354,546 shares of the business services provider’s stock worth $293,825,000 after purchasing an additional 129,805 shares during the period. Rubric Capital Management LP lifted its stake in shares of Avis Budget Group by 220.9% during the 2nd quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider’s stock worth $72,147,000 after buying an additional 475,181 shares during the last quarter. State Street Corp boosted its holdings in shares of Avis Budget Group by 2.5% during the 3rd quarter. State Street Corp now owns 672,227 shares of the business services provider’s stock worth $58,880,000 after buying an additional 16,221 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Avis Budget Group by 0.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 592,341 shares of the business services provider’s stock valued at $51,883,000 after buying an additional 2,561 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its position in Avis Budget Group by 19,203.5% during the third quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider’s stock worth $421,350,000 after acquiring an additional 478,552 shares during the last quarter. 96.35% of the stock is owned by institutional investors and hedge funds.

About Avis Budget Group

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.