Avis Budget Group (NASDAQ:CAR) Given New $155.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised its price target on Avis Budget Group to $155 from $140, but it kept an underweight rating, implying about 13.5% downside from the current price.
• The broader analyst view remains cautious: MarketBeat says Avis Budget Group has a consensus “Reduce” rating with an average price target of $129.63, and recent calls from other firms were mixed to negative.
• The company reported mixed quarterly results, missing EPS estimates with a loss of $8.01 per share but beating revenue expectations at $2.53 billion, while insiders also sold shares in recent months.

Avis Budget Group (NASDAQ:CAR - Get Free Report) had its price target increased by equities researchers at JPMorgan Chase & Co. from $140.00 to $155.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an "underweight" rating on the business services provider's stock. JPMorgan Chase & Co.'s target price would indicate a potential downside of 13.46% from the company's current price.

Several other research analysts have also recently issued reports on CAR. Susquehanna raised their target price on shares of Avis Budget Group from $105.00 to $140.00 and gave the stock a "neutral" rating in a report on Friday, May 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Avis Budget Group in a report on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $125.00 price target on shares of Avis Budget Group in a research report on Friday, May 1st. Jefferies Financial Group lowered Avis Budget Group from a "buy" rating to a "hold" rating and lifted their price objective for the company from $112.00 to $160.00 in a research note on Friday, May 1st. Finally, Wall Street Zen raised Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 2nd. Six research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, Avis Budget Group presently has a consensus rating of "Reduce" and an average price target of $129.63.

Avis Budget Group Stock Up 0.0%

Shares of Avis Budget Group stock traded up $0.01 on Tuesday, reaching $179.11. 57,614 shares of the stock were exchanged, compared to its average volume of 1,896,346. The business has a 50 day moving average price of $228.10 and a two-hundred day moving average price of $157.65. The firm has a market capitalization of $6.33 billion, a price-to-earnings ratio of -9.40 and a beta of 1.87. Avis Budget Group has a twelve month low of $85.96 and a twelve month high of $847.70.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the previous year, the business posted ($14.35) EPS. The company's revenue for the quarter was up 4.1% compared to the same quarter last year. Research analysts forecast that Avis Budget Group will post 2.93 EPS for the current year.

Insider Activity at Avis Budget Group

In other Avis Budget Group news, major shareholder Pentwater Capital Management L sold 3,347 shares of Avis Budget Group stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $438.74, for a total value of $1,468,462.78. Following the completion of the transaction, the insider owned 6,177,100 shares of the company's stock, valued at approximately $2,710,140,854. The trade was a 0.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ravi Simhambhatla sold 3,469 shares of the company's stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $184.09, for a total transaction of $638,608.21. Following the completion of the transaction, the executive vice president owned 13,876 shares of the company's stock, valued at approximately $2,554,432.84. This trade represents a 20.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 16,299 shares of company stock worth $3,836,012 in the last three months. Company insiders own 50.48% of the company's stock.

Hedge Funds Weigh In On Avis Budget Group

Several institutional investors and hedge funds have recently modified their holdings of CAR. Royal Bank of Canada boosted its position in Avis Budget Group by 414.0% during the first quarter. Royal Bank of Canada now owns 17,860 shares of the business services provider's stock worth $1,355,000 after purchasing an additional 14,385 shares in the last quarter. Empowered Funds LLC increased its position in shares of Avis Budget Group by 10.1% in the first quarter. Empowered Funds LLC now owns 3,749 shares of the business services provider's stock valued at $285,000 after buying an additional 343 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Avis Budget Group by 16.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,023 shares of the business services provider's stock worth $4,935,000 after buying an additional 9,246 shares during the period. Prudential Financial Inc. acquired a new position in shares of Avis Budget Group during the 2nd quarter worth approximately $352,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Avis Budget Group by 19.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider's stock valued at $72,000 after buying an additional 70 shares in the last quarter. Hedge funds and other institutional investors own 96.35% of the company's stock.

Avis Budget Group Company Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company's roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.

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