Avis Budget Group (NASDAQ:CAR) Shares Gap Down - What's Next?

Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $126.10, but opened at $122.69. Avis Budget Group shares last traded at $125.65, with a volume of 78,561 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have commented on CAR shares. The Goldman Sachs Group cut their price objective 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. Wall Street Zen raised Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. 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 note on Friday, May 9th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $117.00.

Avis Budget Group Stock Down 2.6%

The stock has a 50 day simple moving average of $101.15 and a 200 day simple moving average of $89.46. The company has a market capitalization of $4.29 billion, a price-to-earnings ratio of -2.35 and a beta of 2.11.

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 for the quarter, missing analysts' consensus estimates of ($5.72) by ($8.63). Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same period last year, the firm posted ($3.21) EPS. The business's quarterly revenue was down 4.7% on a year-over-year basis. As a group, analysts forecast that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Steadfast Capital Management LP purchased a new position in Avis Budget Group during the 4th quarter worth approximately $25,747,000. Mizuho Markets Americas LLC bought a new stake in Avis Budget Group in the first quarter worth $18,975,000. ING Groep NV lifted its position in Avis Budget Group by 310.4% during the 4th quarter. ING Groep NV now owns 325,000 shares of the business services provider's stock worth $26,198,000 after acquiring an additional 245,800 shares during the last quarter. National Bank of Canada FI lifted its position in Avis Budget Group by 266.7% during the 4th quarter. National Bank of Canada FI now owns 330,000 shares of the business services provider's stock worth $26,601,000 after acquiring an additional 240,000 shares during the last quarter. Finally, Nomura Holdings Inc. raised its position in shares of Avis Budget Group by 93.2% during the fourth quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider's stock valued at $39,537,000 after buying an additional 236,576 shares during the last quarter. 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.