Avis Budget Group (NASDAQ:CAR) Given New $157.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised its price target for Avis Budget Group from $155.00 to $157.00, indicating a potential upside of 5.29% based on the current stock price.
• Avis Budget Group reported quarterly earnings of $0.10 EPS, missing the analysts' expectations of $2.02, while their revenue decreased by 0.3% compared to the same quarter last year.
• Despite mixed ratings from analysts, with one "buy," five "hold," and three "sell," the consensus rating for Avis Budget Group remains at "Reduce" with an average price target of $144.33.

Avis Budget Group (NASDAQ:CAR - Get Free Report) had its price target boosted by JPMorgan Chase & Co. from $155.00 to $157.00 in a research report issued on Monday,Benzinga reports. The firm presently has a "neutral" rating on the business services provider's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 5.29% from the company's current price.

Other research analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $196.00 target price (up previously from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. Weiss Ratings restated a "sell (d)" rating on shares of Avis Budget Group in a report on Wednesday, October 8th. Bank of America reaffirmed an "underperform" rating and issued a $113.00 target price (down previously from $120.00) on shares of Avis Budget Group in a research report on Wednesday, August 20th. The Goldman Sachs Group reissued a "sell" rating and set a $105.00 price target (up from $87.00) on shares of Avis Budget Group in a research report on Friday, August 1st. Finally, Susquehanna decreased their price target on Avis Budget Group from $150.00 to $145.00 and set a "neutral" rating for the company in a research note on Thursday, October 9th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Avis Budget Group currently has a consensus rating of "Reduce" and an average price target of $144.33.

Avis Budget Group Price Performance

Shares of Avis Budget Group stock traded down $1.28 on Monday, hitting $149.11. 744,639 shares of the company's stock traded hands, compared to its average volume of 1,183,526. The firm's 50-day moving average price is $155.62 and its two-hundred day moving average price is $140.00. The stock has a market capitalization of $5.25 billion, a PE ratio of -2.36 and a beta of 2.03. Avis Budget Group has a one year low of $54.03 and a one year high of $212.81.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings data 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 analyst estimates of $3.02 billion. The firm's revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.41 earnings per share. On average, analysts forecast that Avis Budget Group will post 8.91 earnings per share for the current fiscal year.

Insider Activity at Avis Budget Group

In other news, Director Bernardo Hees sold 402,200 shares of Avis Budget Group stock in a transaction on Monday, August 4th. The stock was sold at an average price of $156.59, for a total value of $62,980,498.00. Following the transaction, the director owned 116,521 shares in the company, valued at approximately $18,246,023.39. This trade represents a 77.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Edward P. Linnen sold 10,000 shares of the business's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $156.83, for a total value of $1,568,300.00. Following the transaction, the executive vice president directly owned 40,915 shares of the company's stock, valued at $6,416,699.45. This trade represents a 19.64% decrease in their position. The disclosure for this sale can be found here. 52.80% of the stock is owned by insiders.

Institutional Trading of Avis Budget Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Hsbc Holdings PLC boosted its holdings in Avis Budget Group by 48,706.7% in the second quarter. Hsbc Holdings PLC now owns 1,552,542 shares of the business services provider's stock valued at $256,629,000 after acquiring an additional 1,549,361 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Avis Budget Group by 166.7% during the 2nd quarter. National Bank of Canada FI now owns 880,239 shares of the business services provider's stock worth $148,804,000 after purchasing an additional 550,239 shares in the last quarter. Mizuho Markets Americas LLC acquired a new stake in Avis Budget Group in the first quarter valued at approximately $18,975,000. BNP Paribas Financial Markets increased its stake in Avis Budget Group by 208.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 318,947 shares of the business services provider's stock valued at $53,918,000 after purchasing an additional 215,645 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Avis Budget Group by 131.7% in the 2nd quarter. Bank of America Corp DE now owns 332,276 shares of the business services provider's stock worth $56,171,000 after acquiring an additional 188,870 shares during the last quarter. Institutional investors own 96.35% of the company's stock.

Avis Budget Group Company Profile

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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