Avis Budget Group, Inc. (NASDAQ:CAR) Receives Average Recommendation of “Reduce” from Analysts

Avis Budget Group, Inc. (NASDAQ:CAR) has received an average rating of “Reduce” from the ten brokerages that are covering the company, Marketbeat reports. Four analysts have rated the stock with a sell rating and six have given a hold rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $131.50.

Several research analysts have commented on the company. Barclays set a $160.00 price target on Avis Budget Group and gave the stock an “equal weight” rating in a research report on Monday, June 8th. Zacks Research raised Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 6th. Jefferies Financial Group lowered Avis Budget Group from a “buy” rating to a “hold” rating and lifted their price target for the stock from $112.00 to $160.00 in a research report on Friday, May 1st. Morgan Stanley lifted their price target on Avis Budget Group from $97.00 to $99.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 20th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avis Budget Group in a research report on Wednesday, May 20th.

Insider Activity

In other news, major shareholder Pentwater Capital Management L sold 3,347 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $438.74, for a total value of $1,468,462.78. Following the transaction, the insider owned 6,177,100 shares of the company’s stock, valued at approximately $2,710,140,854. The trade was a 0.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ravi Simhambhatla sold 3,469 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $184.09, for a total value of $638,608.21. Following the completion of the transaction, the executive vice president directly owned 13,876 shares in the company, valued at approximately $2,554,432.84. The trade was a 20.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 16,299 shares of company stock valued at $3,836,012. Company insiders own 50.48% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CAR. UBS Group AG increased its holdings in shares of Avis Budget Group by 37.3% in the fourth 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 during the period. CIBC Bancorp USA Inc. acquired a new position in shares of Avis Budget Group in the third quarter valued at approximately $97,951,000. Morgan Stanley increased its holdings in shares of Avis Budget Group by 38.1% in the fourth quarter. Morgan Stanley now owns 1,975,675 shares of the business services provider’s stock valued at $253,519,000 after purchasing an additional 545,574 shares during the period. National Bank of Canada FI boosted its stake in shares of Avis Budget Group by 46.6% in the third quarter. National Bank of Canada FI now owns 1,290,000 shares of the business services provider’s stock valued at $207,142,000 after buying an additional 409,761 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Avis Budget Group in the fourth quarter valued at approximately $45,900,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Stock Up 2.2%

CAR opened at $190.46 on Wednesday. The firm has a market cap of $6.73 billion, a price-to-earnings ratio of -10.00 and a beta of 1.87. Avis Budget Group has a 52 week low of $85.96 and a 52 week high of $847.70. The business’s 50 day moving average is $223.07 and its two-hundred day moving average is $161.87.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Wednesday, April 29th. The business services provider reported ($8.01) EPS for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.43 billion. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter last year, the business posted ($14.35) earnings per share. Equities analysts expect that Avis Budget Group will post 2.93 EPS for the current fiscal year.

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.