Avis Budget Group (NASDAQ:CAR) Sets New 12-Month High - Time to Buy?

Key Points

• Avis Budget Group (NASDAQ:CAR) reached a new 52-week high of $212.81 on recent trading, closing at $205.79 with a trading volume of 76,760 shares.
• The company experienced mixed analyst ratings, with upgrades from Wall Street Zen and JPMorgan Chase & Co. but a downgrade from Goldman Sachs, reflecting varying confidence in its future performance.
• In its latest earnings report, Avis Budget Group reported a substantial loss of ($14.35) earnings per share, missing estimates and indicating a negative trend in revenue and profit margins.

Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $212.81 and last traded at $205.79, with a volume of 76760 shares. The stock had previously closed at $206.04.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. The Goldman Sachs Group downgraded shares of Avis Budget Group from a "neutral" rating to a "sell" rating and increased their price target for the company from $87.00 to $105.00 in a report on Friday. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $196.00 price target (up from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. Wall Street Zen raised shares of Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $155.00 price objective on shares of Avis Budget Group in a report on Thursday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Avis Budget Group currently has a consensus rating of "Hold" and a consensus price target of $131.20.

Avis Budget Group Stock Performance

The firm has a market cap of $5.77 billion, a price-to-earnings ratio of -2.59 and a beta of 2.19. The business's 50-day moving average is $159.33 and its 200-day moving average is $109.84.

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

Institutional Investors Weigh In On Avis Budget Group

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Avis Budget Group by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 1,610,186 shares of the business services provider's stock worth $122,213,000 after purchasing an additional 46,038 shares in the last quarter. Nomura Holdings Inc. increased its position in Avis Budget Group by 93.2% in the 4th quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider's stock valued at $39,537,000 after acquiring an additional 236,576 shares in the last quarter. National Bank of Canada FI increased its position in Avis Budget Group by 266.7% in the 4th quarter. National Bank of Canada FI now owns 330,000 shares of the business services provider's stock valued at $26,601,000 after acquiring an additional 240,000 shares in the last quarter. Steadfast Capital Management LP acquired a new stake in Avis Budget Group in the 4th quarter valued at about $25,747,000. Finally, Jefferies Financial Group Inc. increased its position in Avis Budget Group by 1,391.0% in the 4th quarter. Jefferies Financial Group Inc. now owns 253,200 shares of the business services provider's stock valued at $20,410,000 after acquiring an additional 236,218 shares in the last quarter. Institutional investors and hedge funds 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.