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

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) have been assigned a consensus recommendation of “Reduce” from the ten brokerages that are presently covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a sell recommendation and six have assigned a hold recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $131.50.

Several research firms have weighed in on CAR. JPMorgan Chase & Co. raised their price target on Avis Budget Group from $155.00 to $170.00 and gave the company an “underweight” rating in a report on Tuesday, June 23rd. Zacks Research raised shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 6th. Morgan Stanley lifted their price objective on shares of Avis Budget Group from $97.00 to $99.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 20th. Barclays set a $160.00 price target on Avis Budget Group and gave the stock an “equal weight” rating in a research note on Monday, June 8th. Finally, Jefferies Financial Group cut Avis Budget Group from a “buy” rating to a “hold” rating and raised their price objective for the company from $112.00 to $160.00 in a report on Friday, May 1st.

Insider Activity

In other news, major shareholder Pentwater Capital Management L sold 3,347 shares of Avis Budget Group stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $438.74, for a total value 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. The trade was a 0.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Edward P. Linnen sold 9,483 shares of the stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $182.32, for a total value of $1,728,940.56. Following the sale, the executive vice president owned 37,932 shares of the company’s stock, valued at $6,915,762.24. This represents a 20.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 16,299 shares of company stock valued at $3,836,012. 50.48% of the stock is currently owned by insiders.

Institutional Trading of Avis Budget Group

Several large investors have recently modified their holdings of CAR. Caitong International Asset Management Co. Ltd lifted its holdings in Avis Budget Group by 1,845.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock worth $27,000 after buying an additional 203 shares during the period. Quarry LP purchased a new stake in shares of Avis Budget Group in the 4th quarter worth about $27,000. Basepoint Wealth LLC bought a new stake in shares of Avis Budget Group during the 4th quarter valued at about $32,000. Hollencrest Capital Management bought a new position in Avis Budget Group in the first quarter worth about $44,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Avis Budget Group by 26.5% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock worth $58,000 after buying an additional 76 shares during the period. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Stock Up 2.7%

Shares of NASDAQ CAR opened at $160.57 on Friday. The business has a 50-day simple moving average of $166.75 and a two-hundred day simple moving average of $165.07. Avis Budget Group has a 52 week low of $85.96 and a 52 week high of $847.70. The company has a market cap of $5.67 billion, a P/E ratio of -8.43 and a beta of 1.91.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Wednesday, April 29th. The business services provider reported ($8.01) 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 the consensus estimate of $2.43 billion. During the same period in the prior year, the company posted ($14.35) earnings per share. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. Equities research analysts anticipate that Avis Budget Group will post 2.93 EPS for the current year.

Avis Budget Group Company Profile

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.