Avis Budget Group (NASDAQ:CAR – Get Rating) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Thursday.
Other analysts have also recently issued research reports about the company. Barclays lowered their price target on Avis Budget Group from $223.00 to $158.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 5th. Deutsche Bank Aktiengesellschaft decreased their price objective on Avis Budget Group from $238.00 to $184.00 and set a “hold” rating for the company in a report on Wednesday. Bank of America cut Avis Budget Group from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $250.00 to $240.00 in a report on Wednesday, April 6th. Finally, Morgan Stanley decreased their price objective on Avis Budget Group from $168.00 to $156.00 and set an “underweight” rating for the company in a report on Tuesday, June 7th. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $182.40.
Shares of CAR opened at $156.93 on Thursday. The stock has a 50-day moving average of $179.96 and a two-hundred day moving average of $206.72. Avis Budget Group has a one year low of $65.87 and a one year high of $545.11. The stock has a market cap of $7.58 billion, a P/E ratio of 4.84, a P/E/G ratio of 0.20 and a beta of 2.11.
Avis Budget Group (NASDAQ:CAR – Get Rating) last issued its quarterly earnings results on Monday, May 2nd. The business services provider reported $9.99 EPS for the quarter, topping analysts’ consensus estimates of $3.54 by $6.45. Avis Budget Group had a negative return on equity of 635.44% and a net margin of 19.13%. The company had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.18 billion. During the same quarter in the previous year, the firm posted ($0.46) EPS. As a group, equities research analysts predict that Avis Budget Group will post 39.29 EPS for the current fiscal year.
In other Avis Budget Group news, Chairman Bernardo Hees purchased 26,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 18th. The stock was purchased at an average price of $189.90 per share, for a total transaction of $4,937,400.00. Following the purchase, the chairman now directly owns 422,142 shares in the company, valued at $80,164,765.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders purchased 83,734 shares of company stock valued at $14,792,435. 37.30% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in CAR. Canada Pension Plan Investment Board increased its stake in shares of Avis Budget Group by 224.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,299,208 shares of the business services provider’s stock valued at $269,417,000 after purchasing an additional 899,208 shares in the last quarter. Bank of America Corp DE increased its stake in Avis Budget Group by 203.5% during the 1st quarter. Bank of America Corp DE now owns 789,094 shares of the business services provider’s stock worth $207,769,000 after buying an additional 529,066 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Avis Budget Group during the 4th quarter worth approximately $50,677,000. Hsbc Holdings PLC increased its stake in Avis Budget Group by 11,720.4% during the 1st quarter. Hsbc Holdings PLC now owns 198,110 shares of the business services provider’s stock worth $52,044,000 after buying an additional 196,434 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Avis Budget Group by 1,627.7% during the 4th quarter. JPMorgan Chase & Co. now owns 137,546 shares of the business services provider’s stock worth $28,522,000 after buying an additional 129,585 shares in the last quarter.
Avis Budget Group Company Profile (Get Rating)
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated and 385 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.
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