Avis Budget Group (NASDAQ:CAR – Get Free Report) had its target price hoisted by analysts at The Goldman Sachs Group from $94.00 to $108.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “sell” rating on the business services provider’s stock. The Goldman Sachs Group‘s price target would suggest a potential downside of 6.63% from the company’s previous close.
A number of other analysts also recently commented on CAR. Zacks Research downgraded Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Monday, October 19th. Morgan Stanley reduced their target price on Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating on the stock in a report on Friday, September 11th. Wall Street Zen downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Susquehanna dropped their price target on Avis Budget Group from $140.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Barclays dropped their price target on Avis Budget Group from $160.00 to $115.00 and set an “equal weight” rating for the company in a research note on Monday. Five analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, Avis Budget Group currently has an average rating of “Reduce” and a consensus price target of $119.00.
Read Our Latest Stock Report on Avis Budget Group
Avis Budget Group Stock Performance
Avis Budget Group stock traded down $4.15 during trading on Thursday, reaching $115.66. The company had a trading volume of 193,534 shares, compared to its average volume of 1,208,359. Avis Budget Group has a 12-month low of $85.96 and a 12-month high of $847.70. The stock’s 50 day moving average price is $115.06 and its two-hundred day moving average price is $152.96. The firm has a market capitalization of $4.09 billion, a price-to-earnings ratio of -5.00 and a beta of 1.95.
Avis Budget Group (NASDAQ:CAR – Get Free Report) last posted its quarterly earnings results on Tuesday, November 3rd. The business services provider reported $5.15 earnings per share for the quarter, missing analysts’ consensus estimates of $8.01 by ($2.86). The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.42 billion. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $10.11 earnings per share. As a group, research analysts expect that Avis Budget Group will post 1.08 earnings per share for the current year.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE acquired a new position in shares of Avis Budget Group during the second quarter worth about $13,348,000. Pentwater Capital Management LP purchased a new stake in shares of Avis Budget Group in the second quarter worth about $371,541,000. Amundi grew its stake in shares of Avis Budget Group by 218.6% in the second quarter. Amundi now owns 247,987 shares of the business services provider’s stock valued at $36,660,000 after buying an additional 170,162 shares in the last quarter. Engineers Gate Manager LP grew its stake in shares of Avis Budget Group by 129.0% in the second quarter. Engineers Gate Manager LP now owns 16,821 shares of the business services provider’s stock valued at $2,487,000 after buying an additional 9,474 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Avis Budget Group by 5.0% in the first quarter. Dimensional Fund Advisors LP now owns 356,900 shares of the business services provider’s stock valued at $52,036,000 after buying an additional 17,074 shares in the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.
About Avis Budget Group
Avis Budget Group, Inc is a provider of mobility and vehicle-rental services. Through its Avis and Budget brands, the company offers car and truck rentals to business and leisure customers, serving travelers through airport and neighborhood locations as well as digital booking channels.
The company also operates Zipcar, a car-sharing service that provides members with access to vehicles for short-term use. Its brand portfolio has also included Payless, which serves value-oriented rental customers.
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