Avis Budget Group (NASDAQ:CAR) Rating Lowered to "Underweight" at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase downgraded Avis Budget Group from "neutral" to underweight and set a $165 price target, implying roughly a 62.8% downside from the stock's current price.
• Consensus among analysts is bearish — three Hold ratings and six Sell ratings, with MarketBeat showing an average rating of "Strong Sell" and a consensus target price of $124.
• Pentwater Capital Management bought 425,000 shares at about $94.26, raising its stake to 3,987,100 shares, and company insiders collectively own approximately 50.48% of the stock.

Avis Budget Group (NASDAQ:CAR - Get Free Report) was downgraded by stock analysts at JPMorgan Chase & Co. from a "neutral" rating to an "underweight" rating in a report issued on Thursday. They currently have a $165.00 price target on the business services provider's stock. JPMorgan Chase & Co.'s price target points to a potential downside of 62.83% from the stock's current price.

Several other research analysts also recently weighed in on CAR. The Goldman Sachs Group set a $85.00 price target on Avis Budget Group in a research note on Monday, February 23rd. Morgan Stanley dropped their price objective on Avis Budget Group from $142.00 to $97.00 and set an "equal weight" rating on the stock in a report on Friday, March 6th. Weiss Ratings reissued a "sell (d)" rating on shares of Avis Budget Group in a report on Wednesday, January 21st. Deutsche Bank Aktiengesellschaft cut Avis Budget Group from a "buy" rating to a "hold" rating and set a $128.00 price objective on the stock. in a report on Monday, April 6th. Finally, Barclays cut Avis Budget Group from an "equal weight" rating to an "underweight" rating and increased their price objective for the stock from $95.00 to $150.00 in a report on Monday. Three research analysts have rated the stock with a Hold rating and six have assigned a Sell rating to the company's stock. According to MarketBeat, Avis Budget Group has an average rating of "Strong Sell" and a consensus target price of $124.00.

Avis Budget Group Stock Performance

CAR stock opened at $443.94 on Thursday. The company has a market capitalization of $15.68 billion, a price-to-earnings ratio of -17.48 and a beta of 1.94. Avis Budget Group has a fifty-two week low of $84.79 and a fifty-two week high of $847.70. The stock has a fifty day moving average of $188.41 and a 200-day moving average of $152.49.

Insider Transactions at Avis Budget Group

In other news, major shareholder Pentwater Capital Management L acquired 425,000 shares of the firm's stock in a transaction that occurred on Friday, February 20th. The shares were bought at an average cost of $94.26 per share, with a total value of $40,060,500.00. Following the acquisition, the insider owned 3,987,100 shares in the company, valued at approximately $375,824,046. This represents a 11.93% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lynn Krominga sold 1,950 shares of the firm's stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $91.54, for a total value of $178,503.00. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 50.48% of the company's stock.

Hedge Funds Weigh In On Avis Budget Group

Large investors have recently modified their holdings of the company. Assenagon Asset Management S.A. raised its holdings in shares of Avis Budget Group by 40.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 539,395 shares of the business services provider's stock valued at $69,215,000 after buying an additional 154,994 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its stake in Avis Budget Group by 1,443.0% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 15,955 shares of the business services provider's stock worth $2,562,000 after purchasing an additional 14,921 shares during the period. Intech Investment Management LLC increased its stake in Avis Budget Group by 203.8% in the 3rd quarter. Intech Investment Management LLC now owns 37,467 shares of the business services provider's stock worth $6,016,000 after purchasing an additional 25,135 shares during the period. Retirement Systems of Alabama increased its stake in Avis Budget Group by 49.3% in the 3rd quarter. Retirement Systems of Alabama now owns 30,825 shares of the business services provider's stock worth $4,950,000 after purchasing an additional 10,179 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Avis Budget Group in the 3rd quarter worth approximately $2,726,000. 96.35% of the stock is owned by hedge funds and other institutional investors.

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.