Avis Budget Group Sees Unusually High Options Volume (NASDAQ:CAR)

Avis Budget Group, Inc. (NASDAQ:CAR) saw some unusual options trading activity on Tuesday. Stock traders purchased 8,304 put options on the company. This represents an increase of approximately 158% compared to the typical daily volume of 3,219 put options.

Avis Budget Group Price Performance

NASDAQ CAR opened at $63.79 on Wednesday. Avis Budget Group has a 1 year low of $61.41 and a 1 year high of $132.25. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of -1.23 and a beta of 2.37. The company has a fifty day moving average price of $85.73 and a 200-day moving average price of $87.30.

Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.50) by $0.27. Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. On average, research analysts anticipate that Avis Budget Group will post 8.91 EPS for the current fiscal year.

Insider Activity at Avis Budget Group

In other Avis Budget Group news, Director Lynn Krominga sold 1,405 shares of the company’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $95.00, for a total transaction of $133,475.00. Following the transaction, the director now owns 1,950 shares in the company, valued at approximately $185,250. This represents a 41.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 52.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Avis Budget Group

Several institutional investors have recently added to or reduced their stakes in CAR. Steadfast Capital Management LP bought a new position in Avis Budget Group during the fourth quarter valued at about $25,747,000. ING Groep NV grew its position in Avis Budget Group by 310.4% during the fourth quarter. ING Groep NV now owns 325,000 shares of the business services provider’s stock valued at $26,198,000 after buying an additional 245,800 shares during the period. National Bank of Canada FI grew its position in Avis Budget Group by 266.7% during the fourth quarter. National Bank of Canada FI now owns 330,000 shares of the business services provider’s stock valued at $26,601,000 after buying an additional 240,000 shares during the period. Nomura Holdings Inc. grew its position in 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 period. Finally, Jefferies Financial Group Inc. boosted its position in Avis Budget Group by 1,391.0% during the fourth quarter. Jefferies Financial Group Inc. now owns 253,200 shares of the business services provider’s stock worth $20,410,000 after purchasing an additional 236,218 shares during the period. Institutional investors own 96.35% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Northcoast Research downgraded shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a report on Monday, November 18th. The Goldman Sachs Group upped their price objective on shares of Avis Budget Group from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Avis Budget Group has an average rating of “Hold” and a consensus target price of $133.75.

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.