Avis Budget Group Inc. (NASDAQ:CAR) Receives Average Rating of “Buy” from Analysts
Shares of Avis Budget Group Inc. (NASDAQ:CAR) have earned a consensus rating of “Buy” from the twelve analysts that are presently covering the firm. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $35.58.
A number of equities research analysts have commented on the stock. Barclays PLC increased their price objective on shares of Avis Budget Group from $33.00 to $37.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 27th. Zacks Investment Research raised shares of Avis Budget Group from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a research report on Friday, August 12th. MKM Partners set a $47.00 price objective on shares of Avis Budget Group and gave the company a “buy” rating in a research report on Wednesday, September 28th. Credit Suisse Group AG reissued a “buy” rating and issued a $34.00 price objective on shares of Avis Budget Group in a research report on Wednesday, August 3rd. Finally, Macquarie assumed coverage on shares of Avis Budget Group in a research report on Thursday, August 25th. They issued an “outperform” rating and a $44.00 price objective on the stock.
In related news, CFO David B. Wyshner sold 20,000 shares of the stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $36.27, for a total transaction of $725,400.00. Following the completion of the sale, the chief financial officer now owns 158,293 shares in the company, valued at approximately $5,741,287.11. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ronald L. Nelson sold 50,000 shares of the stock in a transaction on Monday, September 19th. The stock was sold at an average price of $38.00, for a total transaction of $1,900,000.00. Following the sale, the insider now owns 893,949 shares of the company’s stock, valued at approximately $33,970,062. The disclosure for this sale can be found here. Corporate insiders own 2.80% of the company’s stock.
Hedge funds have recently modified their holdings of the company. State Street Corp boosted its stake in shares of Avis Budget Group by 5.9% in the first quarter. State Street Corp now owns 1,537,922 shares of the company’s stock worth $42,075,000 after buying an additional 85,962 shares in the last quarter. BlackRock Group LTD boosted its stake in Avis Budget Group by 21.0% in the first quarter. BlackRock Group LTD now owns 103,411 shares of the company’s stock valued at $2,829,000 after buying an additional 17,968 shares during the period. Franklin Resources Inc. boosted its stake in Avis Budget Group by 66.1% in the first quarter. Franklin Resources Inc. now owns 90,589 shares of the company’s stock valued at $2,479,000 after buying an additional 36,044 shares during the period. RS Investment Management Co. LLC purchased a new stake in Avis Budget Group during the second quarter valued at approximately $35,980,000. Finally, Riverhead Capital Management LLC purchased a new stake in Avis Budget Group during the first quarter valued at approximately $917,000.
Avis Budget Group (NASDAQ:CAR) traded down 3.20% during midday trading on Friday, hitting $32.62. 1,313,344 shares of the stock traded hands. The company has a 50-day moving average price of $36.05 and a 200 day moving average price of $31.71. Avis Budget Group has a one year low of $21.73 and a one year high of $53.04. The stock has a market cap of $2.96 billion, a price-to-earnings ratio of 19.71 and a beta of 2.54.
Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Tuesday, August 2nd. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.69 by $0.06. Avis Budget Group had a return on equity of 58.78% and a net margin of 1.91%. The business had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.21 billion. During the same period in the previous year, the company earned $0.84 earnings per share. Avis Budget Group’s quarterly revenue was up 3.2% on a year-over-year basis. Equities research analysts anticipate that Avis Budget Group will post $3.04 earnings per share for the current year.
About Avis Budget Group
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis is a rental car supplier and Budget is a rental vehicle supplier. It also owns Payless, which a car rental brand, and Apex, which is a car rental brand in New Zealand and Australia.
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