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

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

Analyst Ratings Changes

Several research firms have recently weighed in on CAR. Wall Street Zen upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. The Goldman Sachs Group decreased their target price on Avis Budget Group from $100.00 to $87.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Finally, JPMorgan Chase & Co. raised their target price on Avis Budget Group from $145.00 to $155.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $117.00.

Avis Budget Group Price Performance

The stock has a market cap of $6.13 billion, a price-to-earnings ratio of -2.77 and a beta of 2.11. The firm has a fifty day moving average of $116.42 and a 200 day moving average of $92.62.

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

Institutional Investors Weigh In On Avis Budget Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Amalgamated Bank increased its stake in Avis Budget Group by 2.0% during 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 last quarter. SummerHaven Investment Management LLC increased its stake in Avis Budget Group by 2.1% during the first quarter. SummerHaven Investment Management LLC now owns 7,623 shares of the business services provider's stock worth $579,000 after acquiring an additional 160 shares during the last quarter. Quadrant Capital Group LLC increased its stake in Avis Budget Group by 41.0% during the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider's stock worth $55,000 after acquiring an additional 198 shares during the last quarter. Xponance Inc. increased its stake in Avis Budget Group by 7.8% during the first quarter. Xponance Inc. now owns 2,922 shares of the business services provider's stock worth $222,000 after acquiring an additional 211 shares during the last quarter. Finally, Sterling Capital Management LLC increased its stake in Avis Budget Group by 41.3% during the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider's stock worth $59,000 after acquiring an additional 215 shares during the last quarter. Institutional investors and hedge funds own 96.35% of the company's stock.

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.