JPMorgan Chase & Co. Reiterates Neutral Rating for Avis Budget Group (NASDAQ:CAR)

Key Points

• JPMorgan Chase & Co. reiterated its "neutral" rating for Avis Budget Group, setting a price target of $155, indicating a potential downside of 10.12% from the stock's previous close.
• While six analysts recommend holding the stock, Deutsche Bank upgraded Avis Budget Group to a "buy" with a price target increase to $196 from $130.
• Avis Budget Group reported a loss of $1.92 per share last quarter, significantly missing analyst estimates, and had a revenue decline of 0.3% year-over-year.

JPMorgan Chase & Co. reaffirmed their neutral rating on shares of Avis Budget Group (NASDAQ:CAR - Free Report) in a research note published on Thursday morning, Marketbeat reports. JPMorgan Chase & Co. currently has a $155.00 price objective on the business services provider's stock.

CAR has been the subject of several other reports. Wall Street Zen raised shares of Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $196.00 price target (up previously from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. Finally, The Goldman Sachs Group dropped their price target on shares of Avis Budget Group from $100.00 to $87.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $140.20.

Avis Budget Group Stock Performance

NASDAQ CAR traded down $3.61 during mid-day trading on Thursday, reaching $160.46. 1,990,631 shares of the stock were exchanged, compared to its average volume of 1,315,658. Avis Budget Group has a 1-year low of $54.03 and a 1-year high of $212.81. The business's fifty day simple moving average is $160.22 and its 200 day simple moving average is $110.53. The stock has a market capitalization of $5.65 billion, a PE ratio of -2.54 and a beta of 2.19.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $3.02 billion. During the same quarter in the previous year, the firm posted $0.41 EPS. The business's revenue was down .3% compared to the same quarter last year. On average, analysts anticipate that Avis Budget Group will post 8.91 EPS for the current year.

Institutional Investors Weigh In On Avis Budget Group

A number of large investors have recently bought and sold shares of the company. KLP Kapitalforvaltning AS bought a new position in Avis Budget Group during the 4th quarter worth approximately $322,000. Norges Bank purchased a new position in Avis Budget Group during the 4th quarter worth $11,234,000. National Bank of Canada FI boosted its holdings in Avis Budget Group by 266.7% during the 4th quarter. National Bank of Canada FI now owns 330,000 shares of the business services provider's stock worth $26,601,000 after acquiring an additional 240,000 shares during the last quarter. Headlands Technologies LLC boosted its holdings in Avis Budget Group by 38.1% during the 4th quarter. Headlands Technologies LLC now owns 6,869 shares of the business services provider's stock worth $554,000 after acquiring an additional 1,895 shares during the last quarter. Finally, Bryce Point Capital LLC purchased a new position in Avis Budget Group during the 4th quarter worth $464,000. 96.35% of the stock is currently owned by institutional investors and hedge funds.

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.