Avis Budget Group (NASDAQ:CAR) Upgraded to Neutral at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Avis Budget Group (NASDAQ:CAR - Free Report) from a sell rating to a neutral rating in a research report report published on Thursday morning, MarketBeat reports. The Goldman Sachs Group currently has $130.00 price target on the business services provider's stock, up from their prior price target of $118.00.

Several other brokerages also recently issued reports on CAR. Northcoast Research upgraded shares of Avis Budget Group from a neutral rating to a buy rating and set a $155.00 price objective for the company in a research report on Monday, March 25th. Bank of America began coverage on shares of Avis Budget Group in a report on Tuesday, March 19th. They set a buy rating and a $170.00 price target on the stock. Susquehanna dropped their target price on shares of Avis Budget Group from $195.00 to $145.00 and set a neutral rating on the stock in a report on Wednesday, February 14th. Morgan Stanley dropped their target price on shares of Avis Budget Group from $230.00 to $190.00 and set an overweight rating on the stock in a report on Friday, February 23rd. Finally, StockNews.com raised shares of Avis Budget Group from a sell rating to a hold rating in a research note on Monday, February 12th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $182.57.

Avis Budget Group Trading Down 0.7 %

CAR stock traded down $0.81 during trading on Thursday, reaching $120.30. 819,177 shares of the stock were exchanged, compared to its average volume of 833,522. The company has a market capitalization of $4.27 billion, a P/E ratio of 2.82 and a beta of 2.22. Avis Budget Group has a twelve month low of $99.60 and a twelve month high of $244.95. The stock has a 50 day simple moving average of $126.11 and a 200-day simple moving average of $160.99.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly earnings data on Tuesday, February 13th. The business services provider reported $7.10 earnings per share for the quarter, topping the consensus estimate 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 analysts' expectations of $2.81 billion. During the same quarter in the previous year, the company posted $10.46 EPS. Avis Budget Group's revenue was down .3% on a year-over-year basis. Equities analysts predict that Avis Budget Group will post 15.55 EPS for the current year.

Institutional Investors Weigh In On Avis Budget Group

A number of institutional investors and hedge funds have recently bought and sold shares of CAR. BlackRock Inc. increased its position in shares of Avis Budget Group by 1.0% during the first quarter. BlackRock Inc. now owns 2,363,042 shares of the business services provider's stock worth $460,321,000 after purchasing an additional 22,518 shares in the last quarter. Nomura Holdings Inc. increased its holdings in shares of Avis Budget Group by 70.4% during the 1st quarter. Nomura Holdings Inc. now owns 1,534,724 shares of the business services provider's stock worth $298,964,000 after buying an additional 634,040 shares during the last quarter. State Street Corp increased its holdings in shares of Avis Budget Group by 1.2% during the 1st quarter. State Street Corp now owns 1,458,488 shares of the business services provider's stock worth $384,020,000 after buying an additional 16,655 shares during the last quarter. Par Capital Management Inc. increased its holdings in Avis Budget Group by 16.1% in 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 purchasing an additional 117,600 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Avis Budget Group by 0.6% in the first quarter. Northern Trust Corp now owns 622,685 shares of the business services provider's stock worth $163,952,000 after acquiring an additional 3,626 shares in the last quarter. 96.35% of the stock is owned by institutional investors.

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.