NEW YORK, Feb. 26, 2024 /PRNewswire/ — Moore Law, PLLC, a securities and shareholder law firm located on Wall Street, is investigating potential claims against:
- Avis Budget Group (NASDAQ:CAR)
Please contact [email protected]. **Please contact only if you acquired Avis shares before August 24, 2023.
On or about February 22, 2024, Morgan Stanley cut its price target for Avis Budget Group (NASDAQ:CAR) from $230 to $190 or approximately 20%. The cut follows the release of the company’s fourth-quarter results, which revealed an unexpected expansion of its fleet size by 30,000 to 40,000 units more than anticipated.
The late delivery of vehicles from the previous year’s purchase was cited by Avis Budget as the reason for the fleet increase. This development has led to investor concerns about the company’s transparency and its ability to manage fleet size effectively. The car rental company’s stock has dropped by 7.13% in the past month, falling short of the Transportation sector’s loss of 2.58% and the S&P 500’s gain of 2.4%.
The Wall Street Journal reported that “[i]n the second half of last year, SRS started selling large amounts of Avis shares but still owned about $3 billion worth at the end of December. The stock price declined 39% this month after the company reported a 53% drop in earnings for the fourth quarter of 2023 and increased vehicle write-downs.”
If you own Avis Budget Group (NASDAQ:CAR) please contact Fletcher Moore, Esq. by email at [email protected]. There is no cost to you. Moore Law PLLC is a New York-based law firm representing investors and consumers.
Attorney advertising. Prior results do not guarantee similar outcomes.
Moore Law, PLLC
Fletcher Moore, Esq.
30 Wall Street, 8th Floor
New York, NY 10005
[email protected]
(212) 709-8245
SOURCE Moore Law PLLC
