Avis Budget Group, Inc. (NASDAQ:CAR) EVP Edward P. Linnen Sells 10,000 Shares

Key Points

• Edward P. Linnen, EVP of Avis Budget Group, sold 10,000 shares at an average price of $156.83, totaling approximately $1.57 million, reducing his stake by 19.64% to 40,915 shares.
• Avis Budget Group's stock increased by 2.0% on Monday, reaching $158.76, with a trading volume lower than its average.
• The company's latest quarterly earnings showed a significant miss on earnings per share at $0.10, missing estimates of $2.02, while revenue declined by 0.3% compared to the previous year.

Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) EVP Edward P. Linnen sold 10,000 shares of the stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $156.83, for a total value of $1,568,300.00. Following the completion of the transaction, the executive vice president directly owned 40,915 shares of the company's stock, valued at $6,416,699.45. This represents a 19.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Avis Budget Group Stock Up 2.0%

Shares of Avis Budget Group stock traded up $3.13 on Monday, reaching $158.76. 1,191,844 shares of the company were exchanged, compared to its average volume of 1,227,393. The company's 50-day moving average is $168.54 and its two-hundred day moving average is $115.82. Avis Budget Group, Inc. has a 1-year low of $54.03 and a 1-year high of $212.81.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $2.02 by ($1.92). The company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.02 billion. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%. The firm's revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.41 earnings per share. Equities research analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Barclays increased their price target on Avis Budget Group from $105.00 to $150.00 and gave the company an "equal weight" rating in a report on Monday, August 4th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $155.00 target price on shares of Avis Budget Group in a report on Thursday, July 31st. Wall Street Zen raised Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. The Goldman Sachs Group reaffirmed a "sell" rating and set a $105.00 target price (up previously from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $196.00 target price (up previously from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $151.50.

Institutional Trading of Avis Budget Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp raised its position in shares of Avis Budget Group by 32.6% during the 2nd quarter. Fifth Third Bancorp now owns 228 shares of the business services provider's stock worth $39,000 after purchasing an additional 56 shares during the period. EverSource Wealth Advisors LLC raised its stake in Avis Budget Group by 19.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider's stock valued at $72,000 after acquiring an additional 70 shares in the last quarter. State of Michigan Retirement System raised its stake in Avis Budget Group by 2.5% during the 2nd quarter. State of Michigan Retirement System now owns 4,073 shares of the business services provider's stock valued at $689,000 after acquiring an additional 100 shares in the last quarter. Retirement Systems of Alabama raised its stake in Avis Budget Group by 0.6% during the 2nd quarter. Retirement Systems of Alabama now owns 20,646 shares of the business services provider's stock valued at $3,490,000 after acquiring an additional 117 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its stake in Avis Budget Group by 4.7% during the 2nd quarter. Quadrant Capital Group LLC now owns 2,624 shares of the business services provider's stock valued at $444,000 after acquiring an additional 117 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 engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.

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