Several other brokerages have also recently weighed in on CAR. Morgan Stanley reiterated a buy rating and set a $37.00 price target on shares of Avis Budget Group in a research report on Thursday, July 16th. ValuEngine raised shares of Avis Budget Group from a hold rating to a buy rating in a report on Monday, June 1st. JPMorgan Chase & Co. increased their price target on shares of Avis Budget Group from $13.00 to $22.00 and gave the stock a neutral rating in a report on Friday, June 19th. Deutsche Bank reaffirmed a hold rating and issued a $24.00 price objective on shares of Avis Budget Group in a report on Tuesday, June 9th. Finally, Barclays upped their price objective on shares of Avis Budget Group from $18.00 to $24.00 and gave the stock an equal weight rating in a research report on Tuesday, July 28th. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Avis Budget Group currently has an average rating of Hold and a consensus price target of $28.00.
NASDAQ:CAR opened at $25.90 on Thursday. The company has a debt-to-equity ratio of 60.25, a current ratio of 1.07 and a quick ratio of 0.85. The company’s fifty day moving average price is $26.49 and its 200-day moving average price is $24.44. Avis Budget Group has a 1-year low of $6.35 and a 1-year high of $52.98. The firm has a market capitalization of $1.80 billion, a P/E ratio of -5.55 and a beta of 2.30.
Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Tuesday, July 28th. The business services provider reported ($5.60) EPS for the quarter, beating the consensus estimate of ($5.84) by $0.24. The company had revenue of $760.00 million for the quarter, compared to analyst estimates of $732.05 million. Avis Budget Group had a negative net margin of 4.15% and a negative return on equity of 66.36%. The firm’s revenue was down 67.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.79 earnings per share. Equities analysts anticipate that Avis Budget Group will post -7.26 EPS for the current fiscal year.
In related news, Director Srs Investment Management, Llc purchased 282,566 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were purchased at an average cost of $20.59 per share, with a total value of $5,818,033.94. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 23.20% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of CAR. Texas Permanent School Fund raised its stake in Avis Budget Group by 24.4% in the 1st quarter. Texas Permanent School Fund now owns 48,357 shares of the business services provider’s stock valued at $672,000 after purchasing an additional 9,474 shares during the last quarter. Virginia Retirement Systems ET AL purchased a new stake in shares of Avis Budget Group during the first quarter worth $257,000. Wells Fargo & Company MN raised its position in shares of Avis Budget Group by 20.6% in the first quarter. Wells Fargo & Company MN now owns 545,324 shares of the business services provider’s stock valued at $7,579,000 after buying an additional 93,125 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in shares of Avis Budget Group by 12.8% in the first quarter. Nuveen Asset Management LLC now owns 250,122 shares of the business services provider’s stock worth $3,477,000 after buying an additional 28,430 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Avis Budget Group by 551.9% in the first quarter. AQR Capital Management LLC now owns 2,432,401 shares of the business services provider’s stock worth $33,810,000 after buying an additional 2,059,250 shares in the last quarter.
About Avis Budget Group
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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