Avis Budget Group (NASDAQ:CAR) Given New $97.00 Price Target at Morgan Stanley

Avis Budget Group (NASDAQ:CAR) had its target price lowered by Morgan Stanley from $142.00 to $97.00 in a research report released on Friday,Benzinga reports. The firm currently has an equal weight rating on the business services provider’s stock.

Several other brokerages have also recently issued reports on CAR. The Goldman Sachs Group set a $85.00 price objective on Avis Budget Group in a research note on Monday, February 23rd. Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. Wall Street Zen lowered Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Barclays decreased their price objective on shares of Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, February 26th. Finally, Zacks Research cut shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, Avis Budget Group presently has an average rating of “Reduce” and an average price target of $124.71.

Avis Budget Group Stock Up 0.5%

Shares of CAR traded up $0.46 during midday trading on Friday, hitting $97.51. The company had a trading volume of 894,198 shares, compared to its average volume of 909,416. The stock has a market cap of $3.44 billion, a price-to-earnings ratio of -3.84 and a beta of 2.32. The company’s 50 day moving average price is $116.03 and its 200 day moving average price is $135.18. Avis Budget Group has a 52 week low of $54.03 and a 52 week high of $212.81.

Insider Activity at Avis Budget Group

In related news, major shareholder Pentwater Capital Management L bought 425,000 shares of the company’s stock in a transaction on Friday, February 20th. The shares were purchased at an average cost of $94.26 per share, with a total value of $40,060,500.00. Following the completion of the transaction, the insider directly owned 3,987,100 shares of the company’s stock, valued at approximately $375,824,046. This represents a 11.93% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Lynn Krominga sold 1,950 shares of the firm’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $91.54, for a total value of $178,503.00. The disclosure for this sale is available in the SEC filing. Company insiders own 52.80% of the company’s stock.

Hedge Funds Weigh In On Avis Budget Group

Several institutional investors have recently modified their holdings of CAR. Hsbc Holdings PLC lifted its position in Avis Budget Group by 48,706.7% in the 2nd quarter. Hsbc Holdings PLC now owns 1,552,542 shares of the business services provider’s stock valued at $256,629,000 after purchasing an additional 1,549,361 shares during the last quarter. ING Groep NV grew its position in Avis Budget Group by 440.2% in the 3rd quarter. ING Groep NV now owns 1,035,000 shares of the business services provider’s stock worth $166,195,000 after purchasing an additional 843,400 shares during the last quarter. UBS Group AG increased its stake 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. bought a new stake in shares of Avis Budget Group during the third quarter valued at approximately $97,951,000. Finally, National Bank of Canada FI boosted its position in shares of Avis Budget Group by 166.7% during the second quarter. National Bank of Canada FI now owns 880,239 shares of the business services provider’s stock worth $148,804,000 after buying an additional 550,239 shares during the period. Institutional investors own 96.35% of the company’s stock.

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.