Avis Budget Group (NASDAQ:CAR) Shares Up 5.9% - Here's What Happened

Shares of Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) were up 5.9% during mid-day trading on Monday . The company traded as high as $141.11 and last traded at $142.32. Approximately 499,895 shares changed hands during trading, a decline of 47% from the average daily volume of 935,444 shares. The stock had previously closed at $134.44.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CAR shares. The Goldman Sachs Group dropped their target price on shares of 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 shares of Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. Finally, JPMorgan Chase & Co. boosted 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. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Avis Budget Group currently has a consensus rating of "Hold" and a consensus target price of $117.00.

Avis Budget Group Trading Up 2.0%

The stock has a market cap of $6.31 billion, a P/E ratio of -2.85 and a beta of 2.11. The company's fifty day simple moving average is $114.63 and its 200-day simple moving average is $92.12.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced 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). The business had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.49 billion. Avis Budget Group had a negative net margin of 18.96% and a negative return on equity of 14.74%. The company's quarterly revenue was down 4.7% compared to the same quarter last year. During the same period last year, the firm earned ($3.21) EPS. As a group, analysts expect 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 institutional investors and hedge funds have recently made changes to their positions in CAR. Steadfast Capital Management LP acquired a new stake in shares of Avis Budget Group in the 4th quarter valued at $25,747,000. Mizuho Markets Americas LLC acquired a new stake in shares of Avis Budget Group in the 1st quarter valued at $18,975,000. National Bank of Canada FI boosted its stake in shares of Avis Budget Group by 266.7% in the 4th quarter. National Bank of Canada FI now owns 330,000 shares of the business services provider's stock valued at $26,601,000 after purchasing an additional 240,000 shares in the last quarter. Nomura Holdings Inc. boosted its stake in shares of Avis Budget Group by 93.2% in the 4th quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider's stock valued at $39,537,000 after purchasing an additional 236,576 shares in the last quarter. Finally, Jefferies Financial Group Inc. boosted its stake in shares of Avis Budget Group by 1,391.0% in the 4th quarter. Jefferies Financial Group Inc. now owns 253,200 shares of the business services provider's stock valued at $20,410,000 after purchasing an additional 236,218 shares in 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.