Avis Budget Group, Inc. (NASDAQ:CAR) Receives $144.00 Consensus Price Target from Brokerages

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) have earned an average rating of “Reduce” from the nine ratings firms that are currently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $144.3333.

CAR has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $196.00 price target (up from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. Zacks Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Thursday, August 21st. Bank of America restated an “underperform” rating and set a $113.00 target price (down previously from $120.00) on shares of Avis Budget Group in a report on Wednesday, August 20th. The Goldman Sachs Group restated a “sell” rating and set a $105.00 target price (up previously from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Avis Budget Group from $155.00 to $157.00 and gave the company a “neutral” rating in a report on Monday.

Avis Budget Group Price Performance

CAR stock opened at $153.09 on Friday. The company has a 50 day moving average price of $155.41 and a 200 day moving average price of $140.65. Avis Budget Group has a fifty-two week low of $54.03 and a fifty-two week high of $212.81. The stock has a market capitalization of $5.39 billion, a PE ratio of -2.42 and a beta of 2.03.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data on Tuesday, July 29th. The business services provider reported $0.10 earnings per share for the quarter, missing the consensus estimate of $2.02 by ($1.92). The company had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.02 billion. During the same period in the previous year, the business earned $0.41 EPS. Avis Budget Group’s revenue was down .3% compared to the same quarter last year. As a group, equities analysts expect that Avis Budget Group will post 8.91 earnings per share for the current fiscal year.

Insider Buying and Selling at Avis Budget Group

In other news, Director Bernardo Hees sold 402,200 shares of the business’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $156.59, for a total value of $62,980,498.00. Following the completion of the transaction, the director owned 116,521 shares of the company’s stock, valued at $18,246,023.39. The trade was a 77.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Edward P. Linnen sold 10,000 shares of the business’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the completion of the transaction, the executive vice president directly owned 40,915 shares of the company’s stock, valued at $6,416,699.45. This trade represents a 19.64% decrease in their position. The disclosure for this sale can be found here. 52.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Avis Budget Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fifth Third Bancorp boosted its stake in Avis Budget Group by 32.6% in the 2nd quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock worth $39,000 after purchasing an additional 56 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in Avis Budget Group by 421.1% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider’s stock worth $64,000 after purchasing an additional 678 shares during the period. Quarry LP boosted its stake in Avis Budget Group by 399.5% in the 1st quarter. Quarry LP now owns 909 shares of the business services provider’s stock worth $69,000 after purchasing an additional 727 shares during the period. EverSource Wealth Advisors LLC boosted its stake in Avis Budget Group by 19.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock worth $72,000 after purchasing an additional 70 shares during the period. Finally, Allworth Financial LP boosted its stake in Avis Budget Group by 125.7% in the 2nd quarter. Allworth Financial LP now owns 474 shares of the business services provider’s stock worth $80,000 after purchasing an additional 264 shares during the period. 96.35% of the stock is owned by institutional investors and hedge funds.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.