Avis Budget Group (NASDAQ:CAR) Hits New 1-Year Low at $95.90

Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $95.90 and last traded at $97.06, with a volume of 218996 shares traded. The stock had previously closed at $103.30.

Analyst Ratings Changes

CAR has been the subject of several research analyst reports. JPMorgan Chase & Co. cut their price objective on Avis Budget Group from $280.00 to $240.00 and set an "overweight" rating for the company in a report on Wednesday, February 14th. Northcoast Research upgraded Avis Budget Group from a "neutral" rating to a "buy" rating and set a $155.00 price objective for the company in a report on Monday, March 25th. Bank of America initiated coverage on Avis Budget Group in a report on Tuesday, March 19th. They issued a "buy" rating and a $170.00 price objective for the company. Susquehanna cut their price objective on Avis Budget Group from $195.00 to $145.00 and set a "neutral" rating for the company in a report on Wednesday, February 14th. Finally, StockNews.com upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a report on Monday, February 12th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $172.86.

Avis Budget Group Price Performance

The firm has a market capitalization of $3.55 billion, a PE ratio of 2.34 and a beta of 2.22. The firm has a fifty day moving average price of $111.89 and a 200 day moving average price of $153.66.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings data on Tuesday, February 13th. The business services provider reported $7.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.15 by $2.95. Avis Budget Group had a negative return on equity of 696.69% and a net margin of 13.59%. The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same period in the prior year, the business earned $10.46 EPS. The business's revenue for the quarter was down .3% on a year-over-year basis. On average, sell-side analysts expect that Avis Budget Group, Inc. will post 14.73 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CAR. Hudson Bay Capital Management LP acquired a new position in shares of Avis Budget Group during the 3rd quarter valued at about $62,892,000. Hsbc Holdings PLC increased its holdings in shares of Avis Budget Group by 1,573.0% during the 3rd quarter. Hsbc Holdings PLC now owns 362,965 shares of the business services provider's stock valued at $64,799,000 after acquiring an additional 341,269 shares during the last quarter. Norges Bank acquired a new position in shares of Avis Budget Group during the 4th quarter valued at about $30,234,000. Par Capital Management Inc. increased its holdings in shares of Avis Budget Group by 16.1% during the 4th quarter. Par Capital Management Inc. now owns 848,959 shares of the business services provider's stock valued at $150,486,000 after acquiring an additional 117,600 shares during the last quarter. Finally, Bank of Nova Scotia increased its holdings in shares of Avis Budget Group by 63.1% during the 3rd quarter. Bank of Nova Scotia now owns 289,648 shares of the business services provider's stock valued at $52,047,000 after acquiring an additional 112,073 shares during the last quarter. Institutional investors and hedge funds own 96.35% of the company's stock.

About Avis Budget Group

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.