Avis Budget Group, Inc. (NASDAQ:CAR) Receives $137.57 Consensus Price Target from Analysts

Avis Budget Group, Inc. (NASDAQ:CAR) has received a consensus recommendation of “Reduce” from the nine analysts that are currently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation, five have given a hold recommendation and one has given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $137.5714.

CAR has been the subject of several recent analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Avis Budget Group from $155.00 to $157.00 and gave the stock a “neutral” rating in a research report on Monday, October 20th. Weiss Ratings reissued a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Zacks Research raised Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. Barclays reduced their target price on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company in a report on Monday, November 3rd. Finally, Morgan Stanley restated an “equal weight” rating and set a $142.00 price target (up previously from $115.00) on shares of Avis Budget Group in a research note on Monday, December 8th.

Institutional Trading of Avis Budget Group

Large investors have recently bought and sold shares of the business. Y Intercept Hong Kong Ltd purchased a new position in Avis Budget Group in the second quarter worth $1,297,000. Assenagon Asset Management S.A. boosted its position in shares of Avis Budget Group by 62.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 384,401 shares of the business services provider’s stock worth $61,725,000 after purchasing an additional 148,093 shares in the last quarter. Caxton Associates LLP acquired a new position in shares of Avis Budget Group during the 2nd quarter worth $4,628,000. Ballentine Partners LLC purchased a new position in shares of Avis Budget Group in the 2nd quarter valued at about $308,000. Finally, Prescott Group Capital Management L.L.C. acquired a new stake in shares of Avis Budget Group in the second quarter valued at about $2,367,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Stock Up 0.5%

Shares of NASDAQ:CAR opened at $117.52 on Friday. Avis Budget Group has a fifty-two week low of $54.03 and a fifty-two week high of $212.81. The firm’s 50 day moving average price is $129.28 and its 200 day moving average price is $148.31. The stock has a market cap of $4.14 billion, a price-to-earnings ratio of -1.97 and a beta of 2.31.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Monday, October 27th. The business services provider reported $10.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.11 by $2.00. The business had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.47 billion. The company’s revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company posted $6.65 earnings per share. On average, equities analysts anticipate that Avis Budget Group will post 8.91 EPS for the current year.

About Avis Budget Group

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.