Avis Budget Group (NASDAQ:CAR) had its price target hoisted by research analysts at Morgan Stanley from $67.00 to $73.00 in a research report issued on Wednesday, Analyst Price Targets reports. The firm presently has an "equal weight" rating on the business services provider's stock. Morgan Stanley's price target suggests a potential downside of 12.79% from the stock's current price.
Several other research analysts have also weighed in on CAR. Barclays upped their price target on Avis Budget Group from $70.00 to $83.00 and gave the company an "equal weight" rating in a research report on Wednesday. JPMorgan Chase & Co. decreased their target price on Avis Budget Group from $38.00 to $35.00 and set a "neutral" rating for the company in a research note on Thursday, February 18th. Bank of America reiterated a "neutral" rating on shares of Avis Budget Group in a research report on Monday, April 26th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Avis Budget Group from $50.00 to $69.00 and gave the stock a "hold" rating in a report on Tuesday. Six research analysts have rated the stock with a hold rating, The stock presently has a consensus rating of "Hold" and an average target price of $58.00.
Shares of CAR traded up $0.36 during trading hours on Wednesday, reaching $83.71. 12,364 shares of the company traded hands, compared to its average volume of 1,517,783. The stock has a market capitalization of $5.85 billion, a PE ratio of -12.74 and a beta of 2.31. Avis Budget Group has a fifty-two week low of $9.44 and a fifty-two week high of $90.29. The stock has a fifty day simple moving average of $76.14 and a 200 day simple moving average of $50.12.
Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Sunday, May 2nd. The business services provider reported ($0.46) earnings per share for the quarter, beating analysts' consensus estimates of ($2.38) by $1.92. Avis Budget Group had a negative net margin of 7.28% and a negative return on equity of 199.17%. The business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the prior year, the firm earned ($1.40) EPS. The company's revenue for the quarter was down 21.7% compared to the same quarter last year. On average, equities analysts forecast that Avis Budget Group will post -6.29 EPS for the current fiscal year.
In other Avis Budget Group news, EVP Edward P. Linnen sold 8,300 shares of Avis Budget Group stock in a transaction dated Friday, March 5th. The stock was sold at an average price of $62.49, for a total value of $518,667.00. Following the sale, the executive vice president now owns 35,038 shares of the company's stock, valued at approximately $2,189,524.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian J. Choi purchased 10,000 shares of the company's stock in a transaction on Thursday, February 25th. The stock was purchased at an average cost of $55.68 per share, for a total transaction of $556,800.00. Following the purchase, the chief financial officer now directly owns 28,200 shares in the company, valued at $1,570,176. The disclosure for this purchase can be found here. 23.20% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank bought a new stake in shares of Avis Budget Group in the fourth quarter valued at approximately $25,728,000. SummerHaven Investment Management LLC acquired a new position in Avis Budget Group during the fourth quarter valued at approximately $548,000. SRS Investment Management LLC increased its holdings in shares of Avis Budget Group by 2.1% during the fourth quarter. SRS Investment Management LLC now owns 18,430,882 shares of the business services provider's stock worth $687,472,000 after buying an additional 382,254 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Avis Budget Group by 3,234.9% during the first quarter. Victory Capital Management Inc. now owns 307,547 shares of the business services provider's stock worth $22,309,000 after buying an additional 298,325 shares in the last quarter. Finally, BlackRock Inc. increased its holdings in shares of Avis Budget Group by 2.9% during the fourth quarter. BlackRock Inc. now owns 6,559,396 shares of the business services provider's stock worth $244,666,000 after buying an additional 185,803 shares in the last quarter. 99.53% of the stock is currently owned by hedge funds and other institutional investors.
Avis Budget Group Company Profile
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers. It operates the Avis brand, a vehicle rental system that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 515 dealer-operated and 410 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.
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