Morgan Stanley Increases Avis Budget Group, Inc. (CAR) Price Target to $21.00
Avis Budget Group, Inc. (NASDAQ:CAR) had its price objective boosted by analysts at Morgan Stanley from $18.00 to $21.00 in a report released on Friday. The firm presently has an “underweight” rating on the business services provider’s stock. Morgan Stanley’s price target would indicate a potential downside of 40.22% from the stock’s previous close.
A number of other research firms have also weighed in on CAR. Credit Suisse Group reissued a “hold” rating on shares of Avis Budget Group in a report on Thursday. BidaskClub raised Avis Budget Group from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Goldman Sachs Group, Inc. (The) reaffirmed a “hold” rating and issued a $37.00 price objective on shares of Avis Budget Group in a report on Thursday, September 7th. ValuEngine lowered Avis Budget Group from a “buy” rating to a “hold” rating in a report on Monday, August 7th. Finally, Zacks Investment Research lowered Avis Budget Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $36.56.
Avis Budget Group (CAR) opened at 35.13 on Friday. The firm has a market cap of $2.90 billion, a P/E ratio of 41.38 and a beta of 2.44. The firm’s 50-day moving average price is $33.96 and its 200 day moving average price is $29.45. Avis Budget Group has a one year low of $20.71 and a one year high of $41.53.
Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Monday, August 7th. The business services provider reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.32). The company had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.27 billion. Avis Budget Group had a return on equity of 74.80% and a net margin of 0.86%. The firm’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period last year, the firm earned $0.63 EPS. On average, equities research analysts forecast that Avis Budget Group will post $2.54 EPS for the current year.
In other news, insider Mark J. Servodidio sold 29,000 shares of the company’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $36.07, for a total transaction of $1,046,030.00. Following the completion of the sale, the insider now directly owns 72,431 shares in the company, valued at approximately $2,612,586.17. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Ronald L. Nelson sold 150,000 shares of the company’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $37.30, for a total value of $5,595,000.00. Following the sale, the insider now owns 510,714 shares of the company’s stock, valued at $19,049,632.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,708 shares of company stock valued at $6,878,212. Corporate insiders own 2.80% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. FNY Managed Accounts LLC bought a new stake in shares of Avis Budget Group during the 1st quarter valued at $102,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Avis Budget Group during the 2nd quarter valued at $191,000. World Asset Management Inc lifted its position in shares of Avis Budget Group by 8.9% during the 1st quarter. World Asset Management Inc now owns 7,474 shares of the business services provider’s stock valued at $221,000 after acquiring an additional 610 shares during the period. LS Investment Advisors LLC lifted its position in shares of Avis Budget Group by 27.6% during the 1st quarter. LS Investment Advisors LLC now owns 7,857 shares of the business services provider’s stock valued at $232,000 after acquiring an additional 1,699 shares during the period. Finally, Cambridge Investment Research Advisors Inc. bought a new stake in shares of Avis Budget Group during the 2nd quarter valued at $225,000.
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 and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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