Avis Budget Group (NASDAQ:CAR) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Avis Budget Group (NASDAQ:CAR) had its target price lifted by JPMorgan Chase & Co. from $155.00 to $157.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the business services provider’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 2.55% from the stock’s current price.

Several other equities analysts have also recently commented on CAR. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $196.00 target price (up from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. Barclays increased their price objective on shares of Avis Budget Group from $105.00 to $150.00 and gave the company an “equal weight” rating in a research note on Monday, August 4th. Weiss Ratings reissued a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, October 8th. Bank of America restated an “underperform” rating and issued a $113.00 target price (down previously from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. Finally, Zacks Research raised shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 21st. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $144.33.

Avis Budget Group Stock Performance

Shares of NASDAQ CAR opened at $153.09 on Monday. Avis Budget Group has a 1 year low of $54.03 and a 1 year high of $212.81. The stock’s 50-day simple moving average is $155.41 and its 200-day simple moving average is $140.65. The firm has a market cap of $5.39 billion, a price-to-earnings ratio of -2.42 and a beta of 2.03.

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

Insider Transactions at Avis Budget Group

In other news, EVP Edward P. Linnen sold 10,000 shares of Avis Budget Group stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $156.83, for a total value 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 approximately $6,416,699.45. The trade was a 19.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Bernardo Hees sold 402,200 shares of the business’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $156.59, for a total transaction of $62,980,498.00. Following the sale, the director directly owned 116,521 shares of the company’s stock, valued at approximately $18,246,023.39. This represents a 77.54% decrease in their position. The disclosure for this sale can be found here. Company insiders own 52.80% of the company’s stock.

Institutional Trading of Avis Budget Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp lifted its holdings in shares of 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 last quarter. EverSource Wealth Advisors LLC increased its position in Avis Budget Group by 19.6% in the second quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock worth $72,000 after buying an additional 70 shares during the period. Allworth Financial LP lifted its stake in Avis Budget Group by 125.7% in the second quarter. Allworth Financial LP now owns 474 shares of the business services provider’s stock valued at $80,000 after buying an additional 264 shares during the last quarter. Parallel Advisors LLC boosted its holdings in shares of Avis Budget Group by 233.5% during the second quarter. Parallel Advisors LLC now owns 527 shares of the business services provider’s stock valued at $89,000 after acquiring an additional 369 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Avis Budget Group by 421.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider’s stock worth $64,000 after acquiring an additional 678 shares during the last quarter. 96.35% of the stock is currently 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.