Avis Budget Group (NASDAQ:CAR) Downgraded by Wall Street Zen to Sell

Wall Street Zen cut shares of Avis Budget Group (NASDAQ:CAR) from a hold rating to a sell rating in a report released on Saturday morning.

Several other research analysts have also commented on CAR. Weiss Ratings reissued a “sell (d-)” rating on shares of Avis Budget Group in a research report on Wednesday, May 20th. Barclays set a $160.00 price objective on Avis Budget Group and gave the company an “equal weight” rating in a research report on Monday, June 8th. Zacks Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 6th. The Goldman Sachs Group increased their price target on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a “sell” rating in a research report on Friday, July 24th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $125.00 price target on shares of Avis Budget Group in a report on Friday, May 1st. Six analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, Avis Budget Group presently has a consensus rating of “Reduce” and a consensus target price of $132.75.

Avis Budget Group Stock Down 9.6%

Shares of CAR stock opened at $137.44 on Friday. The firm has a market cap of $4.86 billion, a price-to-earnings ratio of -7.56 and a beta of 1.91. Avis Budget Group has a 52-week low of $85.96 and a 52-week high of $847.70. The company’s 50 day moving average is $167.85 and its 200 day moving average is $167.12.

Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Tuesday, July 28th. The business services provider reported $0.98 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($1.07). The business had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.10 billion. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.10 EPS. Analysts anticipate that Avis Budget Group will post 2.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. UBS Group AG increased its stake in Avis Budget Group by 37.3% during the 4th quarter. UBS Group AG now owns 2,964,807 shares of the business services provider’s stock valued at $380,444,000 after purchasing an additional 804,814 shares in the last quarter. Morgan Stanley lifted its stake in shares of Avis Budget Group by 38.1% during the fourth quarter. Morgan Stanley now owns 1,975,675 shares of the business services provider’s stock worth $253,519,000 after buying an additional 545,574 shares during the period. Norges Bank acquired a new stake in shares of Avis Budget Group during the fourth quarter worth $45,900,000. Cibc World Market Inc. lifted its stake in shares of Avis Budget Group by 75.0% during the fourth quarter. Cibc World Market Inc. now owns 700,005 shares of the business services provider’s stock worth $89,825,000 after buying an additional 300,000 shares during the period. Finally, Hudson Bay Capital Management LP purchased a new stake in shares of Avis Budget Group during the fourth quarter valued at $32,080,000. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

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.