Avis Budget Group (NASDAQ:CAR) Stock Price Crosses Below 50 Day Moving Average – Here’s What Happened

Avis Budget Group, Inc. (NASDAQ:CAR)’s stock price crossed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $93.73 and traded as low as $78.91. Avis Budget Group shares last traded at $81.76, with a volume of 603,705 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. The Goldman Sachs Group increased their target price on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Northcoast Research downgraded shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a research note on Monday, November 18th. Deutsche Bank Aktiengesellschaft reduced their price objective on Avis Budget Group from $145.00 to $143.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Finally, StockNews.com raised Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Avis Budget Group currently has an average rating of “Hold” and an average price target of $133.75.

Avis Budget Group Stock Up 1.6 %

The stock has a market cap of $2.87 billion, a PE ratio of 7.47 and a beta of 2.25. The business’s 50-day simple moving average is $93.73 and its 200-day simple moving average is $91.70.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.55 by ($1.90). Avis Budget Group had a net margin of 3.34% and a negative return on equity of 101.41%. The business had revenue of $3.48 billion for the quarter, compared to analysts’ expectations of $3.53 billion. During the same quarter in the prior year, the firm earned $16.78 EPS. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. As a group, equities research analysts anticipate that Avis Budget Group, Inc. will post 3.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avis Budget Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC increased its position in Avis Budget Group by 4.0% during the 3rd quarter. FMR LLC now owns 3,354,546 shares of the business services provider’s stock valued at $293,825,000 after purchasing an additional 129,805 shares during the period. Rubric Capital Management LP boosted its stake in shares of Avis Budget Group by 220.9% during the 2nd quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider’s stock valued at $72,147,000 after purchasing an additional 475,181 shares in the last quarter. State Street Corp increased its position in shares of Avis Budget Group by 2.5% during the third quarter. State Street Corp now owns 672,227 shares of the business services provider’s stock valued at $58,880,000 after buying an additional 16,221 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Avis Budget Group by 0.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 592,341 shares of the business services provider’s stock worth $51,883,000 after buying an additional 2,561 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in Avis Budget Group by 19,203.5% in the third quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider’s stock worth $421,350,000 after buying an additional 478,552 shares during the period. 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.