Avis Budget Group, Inc. (NASDAQ:CAR – Get Free Report) shares fell 4.8% in midday trading on Friday after Susquehanna cut the price target on the stock from $120.00 to $95.00. Susquehanna currently has a Neutral rating on the stock. Avis Budget Group stock traded as low as $85.00 and was last at $85.00. 14,967 shares traded hands in midday trading, a 98% decline from the average session volume of 750,114 shares. The stock previously closed at $89.29.
CAR has been the subject of several other research reports. Goldman Sachs Group cut their price target on shares of Avis Budget Group from $120.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday. JPMorgan Chase & Co. cut their price target on shares of Avis Budget Group from $205.00 to $175.00 and gave the stock an “overweight” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft cut their price target on Avis Budget Group from $202.00 to $183.00 and gave the company a “buy” rating in a research report on Thursday, April 18. StockNews.com upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Bank of America lowered their price target on shares of Avis Budget Group from $170.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, May 1. Three analysts have rated the stock with a “hold” rating and five have given a “buy” rating. Based on data from MarketBeat.com, Avis Budget Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.57.
Get our latest stock analysis on CAR
Hedge funds comment on Avis Budget Group
A number of hedge funds and other institutional investors have recently added to or reduced their holdings in the company. Massachusetts Financial Services Co. MA increased its stake in shares of Avis Budget Group by 47.8% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 327,275 shares of the business services provider’s stock valued at $58,013,000 after acquiring an additional 105,867 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Avis Budget Group by 70,663.6% in the first quarter. Russell Investments Group Ltd. now owns 7,784 shares of the business services provider’s stock valued at $954,000 after acquiring an additional 7,773 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Avis Budget Group in the 4th quarter valued at $12,317,000. Capstone Investment Advisors LLC acquired a new stake in Avis Budget Group in the 1st quarter valued at approximately $1,069,000. Finally, Nisa Investment Advisors LLC increased its stake in Avis Budget Group by 1,345.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,515 shares of the business services provider’s stock valued at $446,000 after acquiring an additional 2,341 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.
Share price development of Avis Budget Group
The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of 2.74, and a beta of 2.21. The company has a 50-day moving average price of $104.04 and a 200-day moving average price of $115.95.
Avis Budget Group (NASDAQ:CAR – Get Free Report) last released its earnings results on Monday, August 5. The business services provider reported earnings per share (EPS) of $0.41 for the quarter, missing the consensus estimate of $2.60 by ($2.19). Avis Budget Group had a negative return on equity of 480.48% and a net margin of 10.05%. The company had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.13 billion. In the same quarter last year, the company generated earnings per share of $11.01. The company’s revenue declined 2.4% compared to the same quarter last year. On average, sell-side analysts forecast that Avis Budget Group, Inc. will report earnings per share of $12.28 for the current fiscal year.
Avis Budget Group Company Profile
(Get free report)
Avis Budget Group, Inc., together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. The Company operates the Avis brand, which provides vehicle rentals and other mobility solutions to the premium business and leisure segments of the travel industry, the Zipcar brand, a car sharing network, and the Budget brand, a provider of vehicle rentals and other mobility solutions primarily aimed at more value-conscious customers. These include Budget Car Rental and Budget Truck, a local provider of one-way truck and van rentals with a fleet of approximately 19,000 vehicles rented through a network of dealer- and company-owned locations serving the light truck and consumer sectors in the continental United States.
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