Avis Budget Group (NASDAQ:CAR – Get Free Report) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Monday, Zacks reports.
Several other analysts have also recently issued reports on CAR. The Goldman Sachs Group upped their price objective on Avis Budget Group from $85.00 to $95.00 and gave the company a “sell” rating in a research note on Friday, July 24th. Wall Street Zen lowered Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Morgan Stanley decreased their target price on Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating for the company in a research report on Friday, September 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avis Budget Group in a report on Monday, August 17th. Finally, JPMorgan Chase & Co. lowered their price target on Avis Budget Group from $145.00 to $105.00 and set an “underweight” rating for the company in a report on Thursday, October 8th. Five research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and an average target price of $125.71.
Read Our Latest Stock Report on Avis Budget Group
Avis Budget Group Stock Performance
Shares of CAR stock opened at $102.45 on Monday. Avis Budget Group has a one year low of $85.96 and a one year high of $847.70. The company’s 50-day simple moving average is $122.90 and its 200-day simple moving average is $172.00. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of -5.64 and a beta of 2.12.
Avis Budget Group (NASDAQ:CAR – Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The business services provider reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($1.07). The company had revenue of $3 billion during the quarter, compared to analyst estimates of $3.10 billion. The business’s quarterly revenue was down 1.3% on a year-over-year basis. During the same period last year, the business earned $0.10 EPS. As a group, research analysts forecast that Avis Budget Group will post 1.08 EPS for the current year.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of CAR. Parallel Advisors LLC lifted its position in shares of Avis Budget Group by 11.6% in the 1st quarter. Parallel Advisors LLC now owns 587 shares of the business services provider’s stock worth $86,000 after buying an additional 61 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Avis Budget Group by 3.0% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 3,474 shares of the business services provider’s stock valued at $507,000 after buying an additional 100 shares during the period. State of Michigan Retirement System grew its position in shares of Avis Budget Group by 2.5% during the 1st quarter. State of Michigan Retirement System now owns 4,073 shares of the business services provider’s stock valued at $594,000 after buying an additional 100 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Avis Budget Group by 11.0% during the 3rd quarter. GAMMA Investing LLC now owns 1,140 shares of the business services provider’s stock valued at $122,000 after buying an additional 113 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Avis Budget Group by 1,845.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock valued at $27,000 after buying an additional 203 shares during the last quarter. 96.35% of the stock is currently owned by 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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