Avis Budget Group (NASDAQ:CAR) Shares Down 3.8% - Here's What Happened

Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report)'s share price was down 3.8% during trading on Wednesday . The company traded as low as $112.41 and last traded at $112.26. Approximately 105,876 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 904,941 shares. The stock had previously closed at $116.71.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CAR shares. Wall Street Zen upgraded shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. JPMorgan Chase & Co. boosted their target price on shares of Avis Budget Group from $145.00 to $155.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Finally, The Goldman Sachs Group cut 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. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $117.00.

Avis Budget Group Stock Performance

The firm has a market cap of $4.09 billion, a PE ratio of -2.24 and a beta of 2.10. The stock has a fifty day moving average price of $94.70 and a 200-day moving average price of $88.57.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its earnings results 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). Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. The firm had revenue of $2.43 billion for the quarter, compared to analysts' expectations of $2.49 billion. During the same quarter in the previous year, the firm posted ($3.21) EPS. The firm's revenue for the quarter was down 4.7% compared to the same quarter last year. As a group, equities analysts predict that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avis Budget Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Avis Budget Group by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 1,610,186 shares of the business services provider's stock worth $122,213,000 after acquiring an additional 46,038 shares during the period. Nomura Holdings Inc. boosted its holdings in 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 worth $39,537,000 after acquiring an additional 236,576 shares during the period. National Bank of Canada FI boosted its holdings in 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 worth $26,601,000 after acquiring an additional 240,000 shares during the period. ING Groep NV boosted its holdings in Avis Budget Group by 310.4% in 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 period. Finally, Steadfast Capital Management LP purchased a new position in Avis Budget Group in the 4th quarter worth approximately $25,747,000. Hedge funds and other 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.