Avis Budget Group's (CAR) "Sell (D)" Rating Reaffirmed at Weiss Ratings

Key Points

• Weiss Ratings has reaffirmed Avis Budget Group's "sell (D)" rating, indicating continued concerns about the company's performance in the market.
• Investment firms have provided mixed ratings on Avis Budget, with Bank of America downgrading its price target from $120 to $113, while Barclays increased its target from $105 to $150.
• Avis Budget Group's latest earnings report showed a significant miss on EPS, reporting only $0.10, far below the consensus estimate of $2.02.

Avis Budget Group (NASDAQ:CAR - Get Free Report)'s stock had its "sell (d)" rating reiterated by investment analysts at Weiss Ratings in a report issued on Friday,Weiss Ratings reports.

Several other research firms also recently issued reports on CAR. Bank of America reaffirmed an "underperform" rating and set a $113.00 price target (down previously from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. Zacks Research downgraded Avis Budget Group from a "hold" rating to a "strong sell" rating in a research note on Monday. Barclays lifted their price target on Avis Budget Group from $105.00 to $150.00 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $196.00 price target (up previously from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. Finally, Susquehanna dropped their price objective on Avis Budget Group from $150.00 to $145.00 and set a "neutral" rating for the company in a research report on Thursday, October 9th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $144.33.

Avis Budget Group Trading Up 2.5%

Shares of NASDAQ:CAR traded up $3.77 during midday trading on Friday, hitting $157.01. 1,047,207 shares of the stock were exchanged, compared to its average volume of 1,174,352. The stock has a market cap of $5.53 billion, a P/E ratio of -2.48 and a beta of 2.03. Avis Budget Group has a twelve month low of $54.03 and a twelve month high of $212.81. The company has a 50 day moving average price of $155.11 and a 200-day moving average price of $141.30.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.02 by ($1.92). The firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.02 billion. The firm's revenue was down .3% on a year-over-year basis. During the same period in the previous year, the business earned $0.41 earnings per share. On average, equities research analysts expect that Avis Budget Group will post 8.91 earnings per share for the current year.

Insider Transactions at Avis Budget Group

In other Avis Budget Group news, EVP Edward P. Linnen sold 10,000 shares of Avis Budget Group stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $156.83, for a total value of $1,568,300.00. Following the completion of the sale, the executive vice president owned 40,915 shares in the company, valued at $6,416,699.45. The trade was a 19.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Bernardo Hees sold 402,200 shares of Avis Budget Group stock in a transaction dated 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 completion of the sale, the director owned 116,521 shares of the company's stock, valued at $18,246,023.39. This trade represents a 77.54% decrease in their position. The disclosure for this sale can be found here. Company insiders own 52.80% of the company's stock.

Institutional Trading of Avis Budget Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CAR. Fifth Third Bancorp lifted its position in Avis Budget Group by 32.6% during the 2nd quarter. Fifth Third Bancorp now owns 228 shares of the business services provider's stock worth $39,000 after acquiring an additional 56 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in Avis Budget Group by 421.1% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider's stock worth $64,000 after acquiring an additional 678 shares in the last quarter. Quarry LP lifted its position in Avis Budget Group by 399.5% during the 1st quarter. Quarry LP now owns 909 shares of the business services provider's stock worth $69,000 after acquiring an additional 727 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in Avis Budget Group by 19.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider's stock worth $72,000 after acquiring an additional 70 shares in the last quarter. Finally, Allworth Financial LP lifted its position in Avis Budget Group by 125.7% during the 2nd quarter. Allworth Financial LP now owns 474 shares of the business services provider's stock worth $80,000 after acquiring an additional 264 shares in the last quarter. Hedge funds and other 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.

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