Barclays Issues Pessimistic Forecast for Avis Budget Group (NASDAQ:CAR) Stock Price

Key Points

• Barclays cut Avis Budget Group’s price target from $160 to $115 while maintaining an “equal weight” rating, implying roughly 2.5% upside from the prior close.
• Analyst sentiment is broadly negative: the stock has a consensus “Reduce” rating and a $119.29 target, with five Hold ratings and four Sell ratings.
• Avis shares rose 3.9% to $112.18, but remain well below their 200-day moving average of $153.13; institutional investors own 96.35% of the company.

Avis Budget Group (NASDAQ:CAR - Get Free Report) had its price target cut by equities researchers at Barclays from $160.00 to $115.00 in a report released on Monday, Benzinga reports. The brokerage currently has an "equal weight" rating on the business services provider's stock. Barclays's target price suggests a potential upside of 2.51% from the company's previous close.

Other equities analysts have also recently issued reports about the company. Wall Street Zen cut Avis Budget Group from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Avis Budget Group in a research note on Monday, August 17th. Morgan Stanley decreased their price target on Avis Budget Group from $99.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Friday, September 11th. JPMorgan Chase & Co. lowered their price target on Avis Budget Group from $145.00 to $105.00 and set an "underweight" rating on the stock in a research report on Thursday, October 8th. Finally, Zacks Research cut Avis Budget Group from a "hold" rating to a "strong sell" rating in a research report on Monday, October 19th. Five research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus target price of $119.29.

Avis Budget Group Stock Up 3.9%

CAR traded up $4.19 during midday trading on Monday, reaching $112.18. 246,656 shares of the company's stock were exchanged, compared to its average volume of 1,216,302. The firm has a market capitalization of $3.96 billion, a price-to-earnings ratio of -6.15 and a beta of 2.12. Avis Budget Group has a one year low of $85.96 and a one year high of $847.70. The business has a 50-day simple moving average of $117.01 and a two-hundred day simple moving average of $153.13.

Institutional Trading of Avis Budget Group

Hedge funds have recently modified their holdings of the company. Bank of America Corp DE bought a new position in shares of Avis Budget Group in the second quarter worth about $13,348,000. Pentwater Capital Management LP acquired a new position in shares of Avis Budget Group during the second quarter worth approximately $371,541,000. Amundi lifted its position in shares of Avis Budget Group by 218.6% during the second quarter. Amundi now owns 247,987 shares of the business services provider's stock worth $36,660,000 after purchasing 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% during 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 purchasing an additional 9,474 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Avis Budget Group by 5.0% during 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 purchasing an additional 17,074 shares during the last quarter. Institutional investors and hedge funds own 96.35% of the company's stock.

Avis Budget Group Company Profile

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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