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

Key Points

• Barclays raised Avis Budget Group's price target from $105.00 to $150.00, while maintaining an "equal weight" rating, indicating a potential downside of 8.24% from the current market price.
• Multiple analysts provided mixed ratings on the stock, with Deutsche Bank setting a price target of $196.00, whereas Goldman Sachs maintains a sell rating with a target of $105.00.
• Avis Budget Group reported earnings of $0.10 EPS which missed the consensus estimate of $2.02, on revenues of $3.04 billion, reflecting a 0.3% decline compared to the previous year.

Avis Budget Group (NASDAQ:CAR - Free Report) had its target price upped by Barclays from $105.00 to $150.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the business services provider's stock.

A number of other brokerages have also recently issued reports on CAR. Wall Street Zen upgraded shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 3rd. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $196.00 price objective (up previously from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $155.00 price objective on shares of Avis Budget Group in a research note on Thursday, July 31st. Finally, The Goldman Sachs Group restated a "sell" rating and issued a $105.00 price objective (up previously from $87.00) on shares of Avis Budget Group in a research note on Friday, August 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $140.20.

Avis Budget Group Trading Down 2.3%

NASDAQ:CAR traded down $3.69 during trading hours on Monday, hitting $155.52. 139,348 shares of the company traded hands, compared to its average volume of 1,309,807. Avis Budget Group has a twelve month low of $54.03 and a twelve month high of $212.81. The stock has a market capitalization of $5.47 billion, a price-to-earnings ratio of -2.47 and a beta of 2.19. The firm has a 50-day moving average of $161.77 and a 200 day moving average of $111.51.

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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.02 by ($1.92). Avis Budget Group had a negative net margin of 19.06% and a negative return on equity of 14.74%. The business had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.02 billion. During the same quarter in the prior year, the company posted $0.41 EPS. The company's quarterly revenue was down .3% compared to the same quarter last year. Equities research analysts predict that Avis Budget Group will post 8.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avis Budget Group

Large investors have recently made changes to their positions in the company. Norges Bank bought a new stake in Avis Budget Group during the 4th quarter worth about $11,234,000. Quadrant Capital Group LLC increased its position in Avis Budget Group by 41.0% in the 4th quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider's stock valued at $55,000 after acquiring an additional 198 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in Avis Budget Group in the 4th quarter valued at about $25,000. Federated Hermes Inc. increased its position in Avis Budget Group by 6,220.8% in the 4th quarter. Federated Hermes Inc. now owns 3,034 shares of the business services provider's stock valued at $245,000 after acquiring an additional 2,986 shares in the last quarter. Finally, Invesco Ltd. increased its position in Avis Budget Group by 9.1% in the 4th quarter. Invesco Ltd. now owns 148,972 shares of the business services provider's stock valued at $12,009,000 after acquiring an additional 12,440 shares in the last quarter. 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.