Avis Budget Group, Inc. (NASDAQ:CAR) Given Consensus Rating of “Reduce” by Analysts

Avis Budget Group, Inc. (NASDAQ:CAR) has been assigned an average recommendation of “Reduce” from the ten research firms that are presently covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a sell recommendation and six have assigned a hold recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $131.50.

Several brokerages have issued reports on CAR. Zacks Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 6th. Susquehanna boosted their price target on shares of Avis Budget Group from $105.00 to $140.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Barclays set a $160.00 price objective on shares of Avis Budget Group and gave the company an “equal weight” rating in a research note on Monday, June 8th. JPMorgan Chase & Co. upped their target price on shares of Avis Budget Group from $155.00 to $170.00 and gave the stock an “underweight” rating in a report on Tuesday, June 23rd. Finally, Jefferies Financial Group downgraded Avis Budget Group from a “buy” rating to a “hold” rating and lifted their price target for the company from $112.00 to $160.00 in a research note on Friday, May 1st.

Avis Budget Group Stock Up 2.7%

Shares of CAR stock opened at $160.57 on Friday. The firm has a 50 day moving average of $166.75 and a 200-day moving average of $165.07. The company has a market cap of $5.67 billion, a price-to-earnings ratio of -8.43 and a beta of 1.91. Avis Budget Group has a 52 week low of $85.96 and a 52 week high of $847.70.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The company had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the company posted ($14.35) earnings per share. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. Analysts anticipate that Avis Budget Group will post 2.93 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Ravi Simhambhatla sold 3,469 shares of the company’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $184.09, for a total value of $638,608.21. Following the completion of the sale, the executive vice president owned 13,876 shares in the company, valued at $2,554,432.84. This represents a 20.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Pentwater Capital Management L sold 3,347 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $438.74, for a total transaction of $1,468,462.78. Following the transaction, the insider owned 6,177,100 shares in the company, valued at approximately $2,710,140,854. This trade represents a 0.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 16,299 shares of company stock valued at $3,836,012 in the last three months. 50.48% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avis Budget Group

Several institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd grew its position in shares of Avis Budget Group by 1,845.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock valued at $27,000 after acquiring an additional 203 shares during the period. Quarry LP bought a new stake in shares of Avis Budget Group in the fourth quarter valued at $27,000. Basepoint Wealth LLC bought a new position in shares of Avis Budget Group during the 4th quarter worth $32,000. Hollencrest Capital Management purchased a new stake in Avis Budget Group in the 1st quarter worth about $44,000. Finally, Hantz Financial Services Inc. lifted its holdings in Avis Budget Group by 70.4% during the fourth quarter. Hantz Financial Services Inc. now owns 431 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 178 shares during the last quarter. Institutional investors own 96.35% of the company’s stock.

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.