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 fletcher@fmoorelaw.com. **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 fletcher@fmoorelaw.com. 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
fletcher@fmoorelaw.com
(212) 709-8245
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SOURCE Moore Law PLLC