Avis Budget Group (NASDAQ:CAR) Shares Up 4.4% – What’s Next?

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) traded up 4.4% during mid-day trading on Tuesday. The company traded as high as $109.47 and last traded at $109.5010. Approximately 101,300 shares changed hands during trading, a decline of 92% from the average daily volume of 1,320,730 shares. The stock had previously closed at $104.93.

Analysts Set New Price Targets

CAR has been the topic of several research analyst reports. Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 1st. Barclays set a $160.00 target price on shares of Avis Budget Group and gave the company an “equal weight” rating in a research note on Monday, June 8th. JPMorgan Chase & Co. lifted their target price on Avis Budget Group from $155.00 to $170.00 and gave the stock an “underweight” rating in a research report on Tuesday, June 23rd. Wall Street Zen lowered Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Finally, Morgan Stanley cut their price target 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. Six equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $135.00.

Avis Budget Group Price Performance

The company has a market cap of $3.81 billion, a price-to-earnings ratio of -5.95 and a beta of 1.91. The business has a 50 day simple moving average of $136.58 and a 200 day simple moving average of $173.24.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Tuesday, July 28th. The business services provider reported $0.98 EPS for the quarter, missing the consensus estimate of $2.05 by ($1.07). The firm had revenue of $3 billion for the quarter, compared to analyst estimates of $3.10 billion. During the same quarter in the prior year, the business earned $0.10 earnings per share. Avis Budget Group’s revenue was down 1.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Avis Budget Group, Inc. will post 1.08 earnings per share for the current fiscal year.

Institutional Trading of Avis Budget Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd lifted its holdings in Avis Budget Group by 1,845.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock valued at $27,000 after buying an additional 203 shares during the period. Hollencrest Capital Management bought a new stake in shares of Avis Budget Group during the 1st quarter valued at $44,000. Hantz Financial Services Inc. raised its position in shares of Avis Budget Group by 70.4% during the 4th quarter. Hantz Financial Services Inc. now owns 431 shares of the business services provider’s stock valued at $55,000 after acquiring an additional 178 shares during the last quarter. Allworth Financial LP acquired a new position in shares of Avis Budget Group in the 2nd quarter valued at $77,000. Finally, Nykredit A S acquired a new position in shares of Avis Budget Group in the 2nd quarter valued at $80,000. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Avis Budget Group Company Profile

Avis Budget Group, Inc is a global provider of vehicle rental and mobility services. The company operates through a portfolio of well-known brands, including Avis, Budget and Payless, offering car and truck rentals to business and leisure travelers, government customers and other organizations.

The company also provides flexible vehicle access through Zipcar, a car-sharing service that allows members to reserve vehicles for short-term use. Its services are delivered through company-operated locations, licensed operations and franchise partners, with offerings that may include airport and neighborhood rentals, fleet management and related mobility solutions.

Avis Budget Group serves customers across North America, Europe, Australia and New Zealand, Latin America, the Caribbean, Africa and parts of Asia through its operating businesses and partners.