Investors Buy Avis Budget Group (CAR) on Weakness

Investors bought shares of Avis Budget Group Inc. (NASDAQ:CAR) on weakness during trading on Tuesday. $32.09 million flowed into the stock on the tick-up and $7.08 million flowed out of the stock on the tick-down, for a money net flow of $25.01 million into the stock. Of all companies tracked, Avis Budget Group had the 25th highest net in-flow for the day. Avis Budget Group traded down ($0.42) for the day and closed at $44.74

CAR has been the subject of several recent analyst reports. BidaskClub raised shares of Avis Budget Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Goldman Sachs Group reaffirmed a “hold” rating and set a $37.00 price objective on shares of Avis Budget Group in a research note on Thursday, September 7th. Credit Suisse Group reaffirmed a “hold” rating on shares of Avis Budget Group in a research note on Thursday, September 14th. Morgan Stanley lifted their price objective on shares of Avis Budget Group from $18.00 to $21.00 and gave the stock an “underweight” rating in a research note on Friday, September 15th. Finally, B. Riley initiated coverage on shares of Avis Budget Group in a research note on Friday, September 22nd. They set a “buy” rating and a $36.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Avis Budget Group has a consensus rating of “Buy” and an average target price of $37.70.

The company has a market cap of $3,640.00, a PE ratio of 32.96 and a beta of 2.53. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 35.24.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Monday, November 6th. The business services provider reported $3.10 earnings per share for the quarter, topping the consensus estimate of $2.99 by $0.11. Avis Budget Group had a return on equity of 95.28% and a net margin of 1.26%. The business had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.78 billion. During the same period last year, the company earned $2.47 earnings per share. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. research analysts predict that Avis Budget Group Inc. will post 2.65 earnings per share for the current fiscal year.

In related news, Director John D. Jr. Hardy sold 831 shares of Avis Budget Group stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $35.36, for a total value of $29,384.16. Following the completion of the sale, the director now directly owns 831 shares in the company, valued at $29,384.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Srs Investment Management, Llc acquired 3,500,000 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The stock was purchased at an average price of $40.56 per share, with a total value of $141,960,000.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 739,581 shares of company stock valued at $30,037,022. Corporate insiders own 2.80% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. raised its holdings in shares of Avis Budget Group by 4.0% in the second quarter. Pacer Advisors Inc. now owns 9,261 shares of the business services provider’s stock valued at $253,000 after acquiring an additional 356 shares in the last quarter. Wittenberg Investment Management Inc. raised its holdings in shares of Avis Budget Group by 0.7% in the second quarter. Wittenberg Investment Management Inc. now owns 69,309 shares of the business services provider’s stock valued at $1,890,000 after acquiring an additional 500 shares in the last quarter. Thrivent Financial For Lutherans raised its holdings in shares of Avis Budget Group by 3.6% in the second quarter. Thrivent Financial For Lutherans now owns 16,820 shares of the business services provider’s stock valued at $459,000 after acquiring an additional 580 shares in the last quarter. New York State Common Retirement Fund raised its holdings in shares of Avis Budget Group by 1.7% in the third quarter. New York State Common Retirement Fund now owns 90,399 shares of the business services provider’s stock valued at $3,441,000 after acquiring an additional 1,494 shares in the last quarter. Finally, First Republic Investment Management Inc. raised its holdings in Avis Budget Group by 2.1% in the third quarter. First Republic Investment Management Inc. now owns 84,853 shares of the business services provider’s stock worth $3,229,000 after purchasing an additional 1,777 shares in the last quarter.

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Avis Budget Group Company Profile

Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.

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