Avis Budget Group’s (CAR) “Buy” Rating Reaffirmed at Credit Suisse Group AG
Credit Suisse Group AG reissued their buy rating on shares of Avis Budget Group Inc. (NASDAQ:CAR) in a research report sent to investors on Wednesday morning. Credit Suisse Group AG currently has a $44.00 price objective on the stock.
A number of other equities analysts also recently issued reports on CAR. Zacks Investment Research upgraded shares of Avis Budget Group from a strong sell rating to a hold rating and set a $43.00 price target for the company in a report on Monday, July 25th. Morgan Stanley reiterated a sell rating and issued a $20.00 price target on shares of Avis Budget Group in a report on Wednesday, August 3rd. Deutsche Bank AG increased their price target on shares of Avis Budget Group from $44.00 to $45.00 and gave the company a buy rating in a report on Thursday, August 4th. Barclays PLC increased their price target on shares of Avis Budget Group from $31.00 to $33.00 and gave the company an equal weight rating in a report on Wednesday, August 10th. Finally, Macquarie assumed coverage on shares of Avis Budget Group in a report on Thursday, August 25th. They issued an outperform rating and a $44.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. Avis Budget Group currently has a consensus rating of Hold and an average target price of $35.98.
Shares of Avis Budget Group (NASDAQ:CAR) traded down 0.62% during mid-day trading on Wednesday, hitting $38.53. 631,678 shares of the stock traded hands. The firm’s 50 day moving average price is $34.07 and its 200 day moving average price is $33.58. Avis Budget Group has a 12-month low of $21.73 and a 12-month high of $42.21. The firm has a market cap of $3386.40 billion, a price-to-earnings ratio of 18.98 and a beta of 2.20.
Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported $2.47 EPS for the quarter, topping the Zacks’ consensus estimate of $2.33 by $0.14. The company earned $2.66 billion during the quarter, compared to the consensus estimate of $2.65 billion. Avis Budget Group had a net margin of 2.18% and a return on equity of 68.51%. Avis Budget Group’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.98 EPS. On average, equities research analysts predict that Avis Budget Group will post $2.96 EPS for the current fiscal year.
In other news, insider Ronald L. Nelson sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $38.00, for a total transaction of $1,900,000.00. Following the completion of the sale, the insider now owns 893,949 shares of the company’s stock, valued at $33,970,062. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ronald L. Nelson sold 62,615 shares of the firm’s stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $40.00, for a total transaction of $2,504,600.00. Following the sale, the insider now directly owns 781,959 shares of the company’s stock, valued at approximately $31,278,360. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. bought a new stake in Avis Budget Group during the third quarter worth $100,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Avis Budget Group by 11.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,347 shares of the company’s stock worth $115,000 after buying an additional 337 shares during the last quarter. SG Americas Securities LLC bought a new stake in Avis Budget Group during the third quarter worth $153,000. Fifth Third Bancorp bought a new stake in Avis Budget Group during the second quarter worth $164,000. Finally, LS Investment Advisors LLC bought a new stake in Avis Budget Group during the third quarter worth $220,000.
Avis Budget Group Company Profile
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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