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

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) have earned a consensus recommendation of “Reduce” from the ten research firms that are covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a sell recommendation and six have issued a hold recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $131.50.

CAR has been the subject of several analyst reports. Wall Street Zen raised Avis Budget Group from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Susquehanna boosted their price objective on Avis Budget Group from $105.00 to $140.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Morgan Stanley boosted their price objective on Avis Budget Group from $97.00 to $99.00 and gave the company an “equal weight” rating in a report on Wednesday, May 20th. Barclays set a $160.00 price objective on Avis Budget Group and gave the company an “equal weight” rating in a report on Monday, June 8th. Finally, Zacks Research raised Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 6th.

Insider Activity at Avis Budget Group

In related news, EVP Edward P. Linnen sold 9,483 shares of Avis Budget Group stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $182.32, for a total value of $1,728,940.56. Following the completion of the transaction, the executive vice president owned 37,932 shares in the company, valued at $6,915,762.24. The trade was a 20.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ravi Simhambhatla sold 3,469 shares of Avis Budget Group stock in a transaction dated 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 transaction, the executive vice president owned 13,876 shares of the company’s stock, valued at approximately $2,554,432.84. This represents a 20.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 16,299 shares of company stock worth $3,836,012 in the last 90 days. Corporate insiders own 50.48% of the company’s stock.

Hedge Funds Weigh In On Avis Budget Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Empowered Funds LLC increased its stake in shares of Avis Budget Group by 30.8% in the 1st quarter. Empowered Funds LLC now owns 4,471 shares of the business services provider’s stock valued at $652,000 after purchasing an additional 1,054 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Avis Budget Group by 11.6% in the 1st quarter. Parallel Advisors LLC now owns 587 shares of the business services provider’s stock valued at $86,000 after purchasing an additional 61 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of Avis Budget Group by 30.8% in the 1st quarter. California State Teachers Retirement System now owns 21,481 shares of the business services provider’s stock valued at $3,133,000 after purchasing an additional 5,055 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Avis Budget Group by 1.0% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 180,400 shares of the business services provider’s stock valued at $26,311,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Mizuho Markets Americas LLC increased its stake in shares of Avis Budget Group by 7.4% in the 1st quarter. Mizuho Markets Americas LLC now owns 400,000 shares of the business services provider’s stock valued at $58,340,000 after purchasing an additional 27,500 shares in the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Stock Down 4.7%

Shares of CAR stock opened at $147.83 on Wednesday. The stock has a market cap of $5.22 billion, a PE ratio of -7.76 and a beta of 1.87. The business has a 50-day simple moving average of $196.85 and a 200-day simple moving average of $162.86. 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 quarterly earnings data 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 firm had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.43 billion. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the previous year, the business posted ($14.35) earnings per share. Sell-side analysts anticipate that Avis Budget Group will post 2.93 earnings per share for the current fiscal year.

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.