Avis Budget Group Inc. (NASDAQ:CAR) had its target price increased by research analysts at Morgan Stanley to $27.00 in a research note issued to investors on Friday. The firm presently has an “underweight” rating on the stock. Morgan Stanley’s price target would suggest a potential downside of 30.36% from the company’s previous close.

Several other equities research analysts have 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 objective on the stock in a research note on Monday, July 25th. Credit Suisse Group AG restated a “buy” rating and issued a $34.00 price objective on shares of Avis Budget Group in a research note on Wednesday, August 3rd. Deutsche Bank AG lifted their price objective on shares of Avis Budget Group from $44.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. Barclays PLC lifted their price objective on shares of Avis Budget Group from $31.00 to $33.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 10th. Finally, Macquarie assumed coverage on shares of Avis Budget Group in a research note on Thursday, August 25th. They issued an “outperform” rating and a $44.00 price objective on the stock. 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 has a consensus rating of “Hold” and an average target price of $36.62.

Analyst Recommendations for Avis Budget Group (NASDAQ:CAR)

Shares of Avis Budget Group (NASDAQ:CAR) traded down 0.39% during trading on Friday, reaching $38.62. 725,702 shares of the company were exchanged. The stock has a market capitalization of $3.39 billion, a P/E ratio of 19.73 and a beta of 2.20. Avis Budget Group has a 1-year low of $21.73 and a 1-year high of $42.21. The firm has a 50-day moving average price of $34.18 and a 200-day moving average price of $33.62.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported $2.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.33 by $0.14. The firm earned $2.66 billion during the quarter, compared to analysts’ expectations of $2.65 billion. Avis Budget Group had a net margin of 2.18% and a return on equity of 68.51%. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter last year, the company posted $1.98 EPS. Equities research analysts predict that Avis Budget Group will post $2.96 earnings per share for the current fiscal year.

In other news, insider Ronald L. Nelson sold 50,000 shares of the stock in a transaction on Monday, September 19th. The shares were sold at an average price of $38.00, for a total value 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ronald L. Nelson sold 62,615 shares of the stock in a transaction 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 completion of 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. 2.80% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp increased its position in 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 during the period. RS Investment Management Co. LLC bought a new position in Avis Budget Group during the second quarter worth approximately $35,980,000. Mountain Lake Investment Management LLC increased its position in Avis Budget Group by 59.6% in the first quarter. Mountain Lake Investment Management LLC now owns 558,500 shares of the company’s stock worth $15,281,000 after buying an additional 208,500 shares during the period. UBS Asset Management Americas Inc. increased its position in Avis Budget Group by 3.1% in the first quarter. UBS Asset Management Americas Inc. now owns 231,339 shares of the company’s stock worth $6,329,000 after buying an additional 7,014 shares during the period. Finally, Gamco Investors INC. ET AL bought a new position in Avis Budget Group during the second quarter worth approximately $282,000.

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.

5 Day Chart for NASDAQ:CAR

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