JPMorgan Chase & Co. Issues Pessimistic Forecast for Avis Budget Group (NASDAQ:CAR) Stock Price

Avis Budget Group (NASDAQ:CAR) had its target price reduced by analysts at JPMorgan Chase & Co. from $105.00 to $85.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “underweight” rating on the business services provider’s stock. JPMorgan Chase & Co.‘s target price points to a potential downside of 29.43% from the stock’s current price.

CAR has been the subject of several other reports. The Goldman Sachs Group increased their price objective on Avis Budget Group from $94.00 to $108.00 and gave the company a “sell” rating in a report on Thursday. Susquehanna dropped their price target on Avis Budget Group from $140.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday. Morgan Stanley decreased their price objective on Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating for the company in a report on Friday, September 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avis Budget Group in a report on Monday, August 17th. Finally, Barclays cut their target price on shares of Avis Budget Group from $160.00 to $115.00 and set an “equal weight” rating for the company in a research report on Monday. Five analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $116.14.

Avis Budget Group Stock Performance

CAR stock traded up $0.63 during mid-day trading on Thursday, hitting $120.44. The company had a trading volume of 580,235 shares, compared to its average volume of 1,210,335. The firm has a market cap of $4.25 billion, a PE ratio of -5.21 and a beta of 1.95. Avis Budget Group has a 12 month low of $85.96 and a 12 month high of $847.70. The stock’s fifty day moving average price is $115.06 and its two-hundred day moving average price is $152.96.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Tuesday, November 3rd. The business services provider reported $5.15 earnings per share for the quarter, missing analysts’ consensus estimates of $8.01 by ($2.86). The firm had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.42 billion. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the prior year, the company earned $10.11 earnings per share. Equities analysts anticipate that Avis Budget Group will post 1.08 earnings per share for the current year.

Hedge Funds Weigh In On Avis Budget Group

Hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC raised its stake in shares of Avis Budget Group by 11.6% during 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 during the period. Oregon Public Employees Retirement Fund grew its holdings in Avis Budget Group by 3.0% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 3,474 shares of the business services provider’s stock valued at $507,000 after buying an additional 100 shares in the last quarter. State of Michigan Retirement System increased its position in shares of Avis Budget Group by 2.5% during the first quarter. State of Michigan Retirement System now owns 4,073 shares of the business services provider’s stock valued at $594,000 after buying an additional 100 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in shares of Avis Budget Group by 4.5% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 2,300 shares of the business services provider’s stock worth $245,000 after buying an additional 100 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Avis Budget Group by 11.0% in the third quarter. GAMMA Investing LLC now owns 1,140 shares of the business services provider’s stock worth $122,000 after buying an additional 113 shares in the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Avis Budget Group Company Profile

Avis Budget Group, Inc is a provider of mobility and vehicle-rental services. Through its Avis and Budget brands, the company offers car and truck rentals to business and leisure customers, serving travelers through airport and neighborhood locations as well as digital booking channels.

The company also operates Zipcar, a car-sharing service that provides members with access to vehicles for short-term use. Its brand portfolio has also included Payless, which serves value-oriented rental customers.