Avis Budget Group (NASDAQ:CAR) Lowered to "Sell" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Avis Budget Group to “sell” from “hold.” The stock has a consensus “reduce” rating from analysts, with an average price target of $132.75.
• Avis Budget Group reported quarterly EPS of $0.98, missing the $2.05 consensus estimate, while revenue of $3.0 billion fell short of expectations and declined 1.3% year over year.
• The shares opened at $137.44, down 9.6%, with a market capitalization of approximately $4.86 billion. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group (NASDAQ:CAR - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

CAR has been the subject of several other research reports. Jefferies Financial Group lowered Avis Budget Group from a "buy" rating to a "hold" rating and boosted their price target for the company from $112.00 to $160.00 in a report on Friday, May 1st. Zacks Research raised Avis Budget Group from a "strong sell" rating to a "hold" rating in a research report on Wednesday, May 6th. Susquehanna boosted their price objective on Avis Budget Group from $105.00 to $140.00 and gave the company a "neutral" rating in a research note on Friday, May 8th. Barclays set a $160.00 target price on shares of Avis Budget Group and gave the stock an "equal weight" rating in a report on Monday, June 8th. Finally, The Goldman Sachs Group raised their target price on shares of Avis Budget Group from $85.00 to $95.00 and gave the stock a "sell" rating in a research note on Friday, July 24th. Six analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $132.75.

Avis Budget Group Stock Down 9.6%

CAR opened at $137.44 on Friday. The stock has a market capitalization of $4.86 billion, a price-to-earnings ratio of -7.56 and a beta of 1.91. The firm has a 50 day moving average price of $167.85 and a 200-day moving average price of $167.12. 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 data on Tuesday, July 28th. The business services provider reported $0.98 EPS for the quarter, missing the consensus estimate of $2.05 by ($1.07). The company had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.10 billion. Avis Budget Group's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.10 earnings per share. As a group, analysts expect that Avis Budget Group will post 2.91 earnings per share for the current year.

Institutional Trading of Avis Budget Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd boosted 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 acquiring an additional 203 shares during the last quarter. Quarry LP purchased a new stake in Avis Budget Group during the fourth quarter valued at $27,000. Basepoint Wealth LLC purchased a new stake in Avis Budget Group during the fourth quarter valued at $32,000. Hollencrest Capital Management bought a new position in Avis Budget Group during the first quarter valued at $44,000. Finally, Hantz Financial Services Inc. lifted its position in Avis Budget Group by 70.4% during the fourth quarter. Hantz Financial Services Inc. now owns 431 shares of the business services provider's stock valued at $55,000 after purchasing an additional 178 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.