Avis Budget Group (NASDAQ:CAR) Sets New 52-Week High - Here's What Happened

Shares of Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) reached a new 52-week high during trading on Tuesday . The company traded as high as $147.82 and last traded at $147.00, with a volume of 1711700 shares. The stock had previously closed at $134.44.

Analysts Set New Price Targets

CAR has been the topic of several analyst reports. JPMorgan Chase & Co. upped their price target on shares of Avis Budget Group from $145.00 to $155.00 and gave the company an "overweight" rating in a report on Friday, May 9th. The Goldman Sachs Group dropped their target price on Avis Budget Group from $100.00 to $87.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Finally, Wall Street Zen upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, Avis Budget Group currently has a consensus rating of "Hold" and an average price target of $117.00.

Avis Budget Group Trading Up 2.3%

The company's 50 day moving average is $110.68 and its 200 day moving average is $90.99. The company has a market cap of $6.18 billion, a PE ratio of -2.79 and a beta of 2.11.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its earnings results on Wednesday, May 7th. The business services provider reported ($14.35) EPS for the quarter, missing analysts' consensus estimates of ($5.72) by ($8.63). Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 18.96%. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.49 billion. During the same quarter in the prior year, the company earned ($3.21) earnings per share. Avis Budget Group's revenue was down 4.7% on a year-over-year basis. Analysts expect that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Institutional Investors Weigh In On Avis Budget Group

A number of institutional investors and hedge funds have recently bought and sold shares of CAR. Rhumbline Advisers increased its stake in shares of Avis Budget Group by 1.4% during the fourth quarter. Rhumbline Advisers now owns 49,460 shares of the business services provider's stock valued at $3,987,000 after buying an additional 703 shares during the period. Amalgamated Bank lifted its stake in Avis Budget Group by 2.0% in the fourth quarter. Amalgamated Bank now owns 7,973 shares of the business services provider's stock worth $643,000 after acquiring an additional 155 shares during the period. US Bancorp DE grew its holdings in Avis Budget Group by 9.6% during the 4th quarter. US Bancorp DE now owns 2,984 shares of the business services provider's stock worth $241,000 after acquiring an additional 261 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Avis Budget Group by 9.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 203,274 shares of the business services provider's stock worth $16,386,000 after acquiring an additional 17,473 shares in the last quarter. Finally, M&T Bank Corp increased its position in Avis Budget Group by 19.7% during the 4th quarter. M&T Bank Corp now owns 4,551 shares of the business services provider's stock valued at $367,000 after purchasing an additional 749 shares during the period. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Company Profile

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.