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

Avis Budget Group, Inc. (NASDAQ:CAR) saw unusually large options trading activity on Thursday. Traders purchased 54,592 put options on the company. This is an increase of 798% compared to the average daily volume of 6,081 put options.

Avis Budget Group Price Performance

Shares of NASDAQ:CAR opened at $128.52 on Friday. Avis Budget Group has a 1 year low of $54.03 and a 1 year high of $212.81. The firm has a market capitalization of $4.52 billion, a price-to-earnings ratio of -2.15 and a beta of 2.31. The business’s 50 day moving average price is $132.80 and its 200-day moving average price is $153.34.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data on Monday, October 27th. The business services provider reported $10.11 earnings per share for the quarter, topping analysts’ consensus estimates of $8.11 by $2.00. The company had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.47 billion. The business’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $6.65 earnings per share. On average, sell-side analysts expect that Avis Budget Group will post 8.91 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CAR. Fifth Third Bancorp increased its stake in Avis Budget Group by 32.6% during the 2nd quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock worth $39,000 after buying an additional 56 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Avis Budget Group by 19.6% in the second quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock worth $72,000 after acquiring an additional 70 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Avis Budget Group by 26.5% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock worth $58,000 after purchasing an additional 76 shares in the last quarter. Deseret Mutual Benefit Administrators raised its stake in Avis Budget Group by 102.3% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 88 shares during the last quarter. Finally, Wedmont Private Capital lifted its holdings in Avis Budget Group by 6.1% in the 3rd quarter. Wedmont Private Capital now owns 1,624 shares of the business services provider’s stock valued at $242,000 after purchasing an additional 93 shares in the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Avis Budget Group from $155.00 to $157.00 and gave the company a “neutral” rating in a report on Monday, October 20th. Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, October 8th. Susquehanna dropped their target price on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating on the stock in a report on Wednesday, October 29th. Morgan Stanley reissued an “equal weight” rating and issued a $142.00 price target (up from $115.00) on shares of Avis Budget Group in a report on Monday, December 8th. Finally, Zacks Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $137.57.

About Avis Budget Group

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.