Avis Budget Group (NASDAQ:CAR) Shares Gap Down – Should You Sell?

Avis Budget Group, Inc. (NASDAQ:CAR) shares 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.

Analyst Ratings Changes

Several brokerages have recently issued reports on CAR. StockNews.com upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Avis Budget Group from $145.00 to $143.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. The Goldman Sachs Group decreased their price objective on shares of Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating for the company in a research report on Friday, October 11th. Susquehanna decreased their price target on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Finally, Northcoast Research downgraded Avis Budget Group from a “buy” rating to a “neutral” rating in a report on Monday. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $133.13.

Avis Budget Group Stock Up 0.1 %

The company has a 50 day moving average of $85.54 and a 200 day moving average of $96.38. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of 9.17 and a beta of 2.14.

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

Institutional Trading of Avis Budget Group

A number of institutional investors have recently added to or reduced their stakes in CAR. International Assets Investment Management LLC lifted its stake in shares of 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 purchasing an additional 478,552 shares in the last quarter. Rubric Capital Management LP increased its stake in 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 period. Assenagon Asset Management S.A. purchased a new stake in shares of Avis Budget Group during the second quarter worth about $19,978,000. FMR LLC lifted its stake in shares of Avis Budget Group by 4.0% in the third quarter. FMR LLC now owns 3,354,546 shares of the business services provider’s stock worth $293,825,000 after acquiring an additional 129,805 shares in the last quarter. Finally, Toronto Dominion Bank acquired a new stake in Avis Budget Group during the 2nd quarter valued at approximately $10,452,000. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Company Profile

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.