Avis Budget Group (NASDAQ:CAR) Sets New 1-Year High - Here's What Happened

Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) hit a new 52-week high on Thursday . The company traded as high as $192.67 and last traded at $193.34, with a volume of 985905 shares changing hands. The stock had previously closed at $177.80.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $196.00 price target (up from $130.00) on shares of Avis Budget Group in a report on Thursday. Wall Street Zen upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 3rd. The Goldman Sachs Group lowered their price objective on Avis Budget Group from $100.00 to $87.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Finally, JPMorgan Chase & Co. upped their price objective on Avis Budget Group from $145.00 to $155.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $127.60.

Avis Budget Group Stock Up 1.5%

The company has a market cap of $6.76 billion, a P/E ratio of -3.03 and a beta of 2.19. The company has a 50 day moving average price of $132.41 and a 200-day moving average price of $98.24.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.49 billion. During the same period in the previous year, the company posted ($3.21) EPS. The company's revenue for the quarter was down 4.7% compared to the same quarter last year. On average, research analysts expect that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CAR. US Bancorp DE grew its stake in shares of Avis Budget Group by 9.6% in the fourth quarter. US Bancorp DE now owns 2,984 shares of the business services provider's stock worth $241,000 after purchasing an additional 261 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Avis Budget Group by 9.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 203,274 shares of the business services provider's stock valued at $16,386,000 after buying an additional 17,473 shares during the period. M&T Bank Corp lifted its holdings in shares of Avis Budget Group by 19.7% in the fourth quarter. M&T Bank Corp now owns 4,551 shares of the business services provider's stock valued at $367,000 after buying an additional 749 shares during the period. AlphaQuest LLC lifted its holdings in shares of Avis Budget Group by 5,917.8% in the fourth quarter. AlphaQuest LLC now owns 5,416 shares of the business services provider's stock valued at $437,000 after buying an additional 5,326 shares during the period. Finally, Essential Planning LLC. acquired a new stake in shares of Avis Budget Group in the fourth quarter valued at $346,000. Institutional investors 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.