Avis Budget Group, Inc. (NASDAQ:CAR) Given Average Rating of "Reduce" by Brokerages

Key Points

• Avis Budget Group, Inc. has received an average rating of "Reduce" from nine analysts, with three sell ratings, five holds, and one buy rating.
• The stock has an average 1-year price target of $144.00, with recent price adjustments from various analysts ranging from $113.00 to $196.00.
• The company reported earnings per share (EPS) of $0.10 for the last quarter, missing estimates by $1.92, with year-over-year revenue down by 0.3%.

Shares of Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) have been given an average rating of "Reduce" by the nine analysts that are covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $144.00.

Several research analysts have issued reports on CAR shares. Bank of America reissued an "underperform" rating and issued a $113.00 target price (down from $120.00) on shares of Avis Budget Group in a research report on Wednesday, August 20th. Susquehanna dropped their price objective on shares of Avis Budget Group from $150.00 to $145.00 and set a "neutral" rating on the stock in a report on Thursday, October 9th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $196.00 price objective (up previously from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. Barclays lifted their target price on Avis Budget Group from $105.00 to $150.00 and gave the company an "equal weight" rating in a research report on Monday, August 4th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and set a $155.00 target price on shares of Avis Budget Group in a research report on Thursday, July 31st.

Avis Budget Group Stock Down 0.7%

Shares of NASDAQ CAR opened at $151.20 on Friday. The firm's 50-day moving average price is $155.69 and its 200-day moving average price is $138.58. The company has a market cap of $5.32 billion, a PE ratio of -2.39 and a beta of 2.03. Avis Budget Group has a 52-week low of $54.03 and a 52-week high of $212.81.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.02 by ($1.92). The firm had revenue of $3.04 billion for the quarter, compared to analysts' expectations of $3.02 billion. The firm's revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 earnings per share. As a group, equities research analysts anticipate that Avis Budget Group will post 8.91 EPS for the current fiscal year.

Insider Activity at Avis Budget Group

In other Avis Budget Group news, EVP Edward P. Linnen sold 10,000 shares of Avis Budget Group stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the transaction, the executive vice president owned 40,915 shares of the company's stock, valued at $6,416,699.45. The trade was a 19.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bernardo Hees sold 402,200 shares of Avis Budget Group stock in a transaction that occurred on 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 transaction, the director directly owned 116,521 shares in the company, valued at $18,246,023.39. This represents a 77.54% decrease in their position. The disclosure for this sale can be found here. 52.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Avis Budget Group

Hedge funds have recently modified their holdings of the stock. Crossmark Global Holdings Inc. purchased a new position in shares of Avis Budget Group in the first quarter worth $274,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Avis Budget Group by 9.8% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,840 shares of the business services provider's stock worth $443,000 after purchasing an additional 519 shares in the last quarter. Ballentine Partners LLC purchased a new stake in Avis Budget Group in the 2nd quarter worth $308,000. Victory Capital Management Inc. lifted its position in shares of Avis Budget Group by 166.0% in the first quarter. Victory Capital Management Inc. now owns 29,527 shares of the business services provider's stock worth $2,241,000 after buying an additional 18,425 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Avis Budget Group by 2,228.9% in the first quarter. Russell Investments Group Ltd. now owns 1,770 shares of the business services provider's stock worth $134,000 after buying an additional 1,694 shares in the last quarter. Hedge funds and other institutional investors own 96.35% of the company's stock.

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.

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