Avis Budget Group (NASDAQ:CAR) Shares Gap Up to $94.75

Avis Budget Group, Inc. (NASDAQ:CAR) shares gapped up before the market opened on Thursday . The stock had previously closed at $94.75, but opened at $110.27. Avis Budget Group shares last traded at $112.93, with a volume of 458,359 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Avis Budget Group from $202.00 to $183.00 and set a “buy” rating on the stock in a report on Thursday, April 18th. Northcoast Research upgraded Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 price target on the stock in a research note on Monday, March 25th. Morgan Stanley decreased their price objective on shares of Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating for the company in a research report on Wednesday, April 10th. The Goldman Sachs Group raised shares of Avis Budget Group from a “sell” rating to a “neutral” rating and raised their price target for the stock from $118.00 to $130.00 in a report on Thursday, April 4th. Finally, Susquehanna dropped their target price on Avis Budget Group from $145.00 to $117.00 and set a “neutral” rating on the stock in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $164.57.

Avis Budget Group Trading Up 23.1 %

The stock has a market capitalization of $4.16 billion, a PE ratio of 2.63 and a beta of 2.28. The firm has a 50 day moving average of $111.15 and a two-hundred day moving average of $151.21.

Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Wednesday, May 1st. The business services provider reported ($3.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.65) by ($0.56). Avis Budget Group had a negative return on equity of 696.69% and a net margin of 13.59%. The business had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.41 billion. During the same quarter in the previous year, the firm posted $7.72 EPS. The business’s revenue was down .2% on a year-over-year basis. Equities research analysts forecast that Avis Budget Group, Inc. will post 14.73 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Huntington National Bank lifted its holdings in shares of Avis Budget Group by 101.0% during the 3rd quarter. Huntington National Bank now owns 209 shares of the business services provider’s stock worth $38,000 after acquiring an additional 105 shares during the period. Denali Advisors LLC raised its stake in shares of Avis Budget Group by 94.1% during the first quarter. Denali Advisors LLC now owns 231 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 112 shares during the period. TFO Wealth Partners LLC grew its stake in shares of Avis Budget Group by 15,550.0% during the fourth quarter. TFO Wealth Partners LLC now owns 313 shares of the business services provider’s stock valued at $55,000 after acquiring an additional 311 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Avis Budget Group during the fourth quarter worth about $79,000. Finally, CWM LLC lifted its stake in shares of Avis Budget Group by 248.2% in the third quarter. CWM LLC now owns 491 shares of the business services provider’s stock worth $88,000 after acquiring an additional 350 shares in the last quarter. 96.35% of the stock is currently 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.