Avis Budget Group’s (CAR) Underperform Rating Reiterated at Bank of America

Bank of America reaffirmed their underperform rating on shares of Avis Budget Group (NASDAQ:CAR) in a research note issued to investors on Wednesday, MarketBeat Ratings reports. They currently have a $113.00 price target on the business services provider’s stock, down from their prior price target of $120.00.

Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $155.00 price target on shares of Avis Budget Group in a research note on Thursday, July 31st. Wall Street Zen raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 3rd. Barclays boosted their price target on shares of Avis Budget Group from $105.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Monday, August 4th. The Goldman Sachs Group reissued a “sell” rating and issued a $105.00 price target (up from $87.00) on shares of Avis Budget Group in a research note on Friday, August 1st. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $196.00 price objective (up from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Avis Budget Group has a consensus rating of “Reduce” and an average price target of $143.80.

Avis Budget Group Stock Up 3.5%

Avis Budget Group stock opened at $155.49 on Wednesday. The company has a market capitalization of $5.47 billion, a PE ratio of -2.46 and a beta of 2.19. The firm has a fifty day simple moving average of $170.75 and a two-hundred day simple moving average of $117.21. Avis Budget Group has a twelve month low of $54.03 and a twelve month high of $212.81.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share for the quarter, missing the consensus estimate of $2.02 by ($1.92). The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.02 billion. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%.The business’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 earnings per share. As a group, equities analysts expect that Avis Budget Group will post 8.91 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Edward P. Linnen sold 10,000 shares of the company’s stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the completion of the transaction, the executive vice president directly owned 40,915 shares of the company’s stock, valued at approximately $6,416,699.45. This represents a 19.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Bernardo Hees sold 402,200 shares of the company’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $156.59, for a total transaction of $62,980,498.00. Following the transaction, the director directly owned 116,521 shares of the company’s stock, valued at approximately $18,246,023.39. This trade represents a 77.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 52.80% of the company’s stock.

Hedge Funds Weigh In On Avis Budget Group

A number of institutional investors have recently bought and sold shares of CAR. UMB Bank n.a. raised its stake in Avis Budget Group by 106.9% in the first quarter. UMB Bank n.a. now owns 478 shares of the business services provider’s stock worth $36,000 after buying an additional 247 shares in the last quarter. Fifth Third Bancorp raised its stake in Avis Budget Group by 32.6% in the second quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock worth $39,000 after buying an additional 56 shares in the last quarter. Sterling Capital Management LLC raised its stake in Avis Budget Group by 41.3% in the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider’s stock worth $59,000 after buying an additional 215 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in Avis Budget Group by 421.1% in the first quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider’s stock worth $64,000 after buying an additional 678 shares in the last quarter. Finally, Quarry LP raised its stake in Avis Budget Group by 399.5% in the first quarter. Quarry LP now owns 909 shares of the business services provider’s stock worth $69,000 after buying an additional 727 shares in the last quarter. 96.35% of the stock is owned by institutional investors.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.