Avis Budget Group (NASDAQ:CAR) Shares Down 7% After Analyst Downgrade

Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) was down 7% during trading on Tuesday after Susquehanna lowered their price target on the stock from $145.00 to $117.00. Susquehanna currently has a neutral rating on the stock. Avis Budget Group traded as low as $96.11 and last traded at $96.30. Approximately 261,505 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 817,998 shares. The stock had previously closed at $103.56.

Several other analysts have also recently weighed in on CAR. StockNews.com raised Avis Budget Group from a "sell" rating to a "hold" rating in a report on Monday, February 12th. JPMorgan Chase & Co. cut their price target on shares of Avis Budget Group from $280.00 to $240.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 14th. Northcoast Research upgraded shares of Avis Budget Group from a "neutral" rating to a "buy" rating and set a $155.00 target price on the stock in a report on Monday, March 25th. Morgan Stanley cut their price objective on Avis Budget Group from $190.00 to $187.00 and set an "overweight" rating for the company in a research report on Wednesday, April 10th. Finally, Bank of America assumed coverage on shares of Avis Budget Group in a research report on Tuesday, March 19th. They set a "buy" rating and a $170.00 price objective for the company. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $168.86.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CAR. Aigen Investment Management LP increased its stake in Avis Budget Group by 4.8% in the 4th quarter. Aigen Investment Management LP now owns 1,303 shares of the business services provider's stock worth $231,000 after acquiring an additional 60 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in Avis Budget Group by 3.2% in the fourth quarter. Janney Montgomery Scott LLC now owns 2,540 shares of the business services provider's stock valued at $450,000 after purchasing an additional 79 shares in the last quarter. Arizona State Retirement System raised its stake in Avis Budget Group by 1.4% in the third quarter. Arizona State Retirement System now owns 6,226 shares of the business services provider's stock valued at $1,119,000 after purchasing an additional 84 shares in the last quarter. New York Life Investment Management LLC lifted its position in Avis Budget Group by 4.0% during the fourth quarter. New York Life Investment Management LLC now owns 2,265 shares of the business services provider's stock valued at $401,000 after purchasing an additional 87 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its stake in Avis Budget Group by 2.1% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 4,270 shares of the business services provider's stock worth $767,000 after buying an additional 89 shares in the last quarter. Institutional investors own 96.35% of the company's stock.

Avis Budget Group Trading Down 7.8 %

The stock's fifty day moving average price is $111.27 and its 200 day moving average price is $151.61. The stock has a market cap of $3.40 billion, a P/E ratio of 2.24 and a beta of 2.22.

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 for the quarter, topping analysts' consensus estimates of $4.15 by $2.95. Avis Budget Group had a net margin of 13.59% and a negative return on equity of 696.69%. The firm had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.81 billion. During the same period in the previous year, the business posted $10.46 EPS. The business's quarterly revenue was down .3% on a year-over-year basis. On average, analysts anticipate that Avis Budget Group, Inc. will post 14.73 earnings per share for the current year.

Avis Budget Group Company Profile

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.