Insider Selling: Ronald L. Nelson Sells 25,000 Shares of Avis Budget Group Stock (CAR)
Avis Budget Group (NYSE:CAR) CEO Ronald L. Nelson sold 25,000 shares of the stock on the open market in a transaction dated Friday, August 8th. The stock was sold at an average price of $60.89, for a total value of $1,522,250.00. Following the completion of the transaction, the chief executive officer now directly owns 656,459 shares of the company’s stock, valued at approximately $39,971,789. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
A number of analysts have recently weighed in on CAR shares. Analysts at Morgan Stanley raised their price target on shares of Avis Budget Group from $28.00 to $30.00 in a research note on Friday. Separately, analysts at Deutsche Bank reiterated a “hold” rating on shares of Avis Budget Group in a research note on Wednesday. They now have a $60.00 price target on the stock, up previously from $58.00. Finally, analysts at MKM Partners raised their price target on shares of Avis Budget Group from $75.00 to $80.00 in a research note on Wednesday. They now have a “buy” rating on the stock. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $54.50.
Avis Budget Group (NYSE:CAR) traded up 2.82% on Friday, hitting $61.96. The stock had a trading volume of 1,306,309 shares. Avis Budget Group has a one year low of $26.57 and a one year high of $61.95. The stock has a 50-day moving average of $59.13 and a 200-day moving average of $51.74. The company has a market cap of $6.446 billion and a P/E ratio of 55.85. Avis Budget Group also was the recipient of some unusual options trading on Tuesday. Investors acquired 2,846 call options on the stock. This is an increase of 216% compared to the typical volume of 901 call options.
Avis Budget Group (NYSE:CAR) last announced its earnings results on Monday, August 4th. The company reported $0.68 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.06) by $0.74. The company had revenue of $2.20 million for the quarter, compared to the consensus estimate of $40.75 million. During the same quarter last year, the company posted $0.50 earnings per share. Avis Budget Group’s revenue was up 9.6% compared to the same quarter last year. On average, analysts predict that Avis Budget Group will post $2.96 earnings per share for the current fiscal year.
Avis Budget Group, Inc (NYSE:CAR) operates two brands in the global vehicle rental industry through Avis and Budget.
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