Avis Budget Group (NASDAQ:CAR) Stock Price Down 5.1% - Here's Why

Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report)'s stock price fell 5.1% during mid-day trading on Monday . The stock traded as low as $165.74 and last traded at $165.36. 268,760 shares traded hands during trading, a decline of 72% from the average session volume of 975,622 shares. The stock had previously closed at $174.22.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CAR. Wall Street Zen raised Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. The Goldman Sachs Group reduced their target price on shares of 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. increased their target price 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 given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $117.00.

Avis Budget Group Trading Up 3.3%

The stock has a market capitalization of $6.25 billion, a PE ratio of -2.82 and a beta of 2.18. The firm has a 50-day moving average price of $119.93 and a 200-day moving average price of $93.64.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($5.72) by ($8.63). The company had revenue of $2.43 billion for the quarter, compared to analysts' expectations of $2.49 billion. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 18.96%. The business's quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter last year, the business posted ($3.21) EPS. Sell-side 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

Hedge funds have recently modified their holdings of the stock. Aster Capital Management DIFC Ltd bought a new position in Avis Budget Group during the fourth quarter valued at $25,000. UMB Bank n.a. lifted its position in shares of Avis Budget Group by 106.9% during the 1st quarter. UMB Bank n.a. now owns 478 shares of the business services provider's stock valued at $36,000 after buying an additional 247 shares during the last quarter. Quadrant Capital Group LLC lifted its position in shares of Avis Budget Group by 41.0% during the 4th quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider's stock valued at $55,000 after buying an additional 198 shares during the last quarter. Sterling Capital Management LLC grew its stake in shares of Avis Budget Group by 41.3% during the 4th 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 period. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Avis Budget Group by 421.1% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider's stock worth $64,000 after acquiring an additional 678 shares during the period. Institutional investors own 96.35% of the company's stock.

About Avis Budget Group

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.