Avis Budget Group (NASDAQ:CAR) Price Target Raised to $150.00 at Barclays

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 raised by Barclays from $105.00 to $150.00 in a report released on Monday morning,Benzinga reports. They currently have an equal weight rating on the business services provider's stock.

Several other research firms also recently commented on CAR. The Goldman Sachs Group reiterated 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. Wall Street Zen upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 3rd. JPMorgan Chase & Co. reiterated 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, Deutsche Bank Aktiengesellschaft reiterated 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. One analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat.com, Avis Budget Group has a consensus rating of "Hold" and a consensus target price of $140.20.

Avis Budget Group Stock Performance

CAR traded down $3.04 during midday trading on Monday, reaching $153.71. 888,345 shares of the company were exchanged, compared to its average volume of 1,255,587. Avis Budget Group has a one year low of $54.03 and a one year high of $212.81. The company's fifty day moving average price is $163.87 and its 200 day moving average price is $112.71. The company has a market cap of $5.41 billion, a price-to-earnings ratio of -2.43 and a beta of 2.19.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $2.02 by ($1.92). Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%. The business had revenue of $3.04 billion during the quarter, compared to analysts' expectations of $3.02 billion. During the same quarter in the previous year, the firm earned $0.41 EPS. Avis Budget Group's quarterly revenue was down .3% on a year-over-year basis. As a group, sell-side analysts anticipate that Avis Budget Group will post 8.91 earnings per share for the current fiscal year.

Insider Buying and Selling at Avis Budget Group

In other news, Director Bernardo Hees sold 402,200 shares of the company's stock in a transaction on Monday, August 4th. The shares were 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 of the company's stock, valued at approximately $18,246,023.39. This represents a 77.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 52.80% of the company's stock.

Institutional Inflows and Outflows

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