Avis Budget Group (CAR) Cut to Hold at BidaskClub
Avis Budget Group (NASDAQ:CAR) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
Several other research analysts also recently weighed in on the stock. Northcoast Research upgraded shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $46.00 target price for the company in a research note on Monday, July 30th. ValuEngine downgraded shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research note on Thursday, May 31st. Morgan Stanley initiated coverage on shares of Avis Budget Group in a research note on Tuesday, June 26th. They issued an “underweight” rating and a $30.00 target price for the company. Deutsche Bank upped their target price on shares of Avis Budget Group from $51.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, May 4th. Finally, TheStreet downgraded shares of Avis Budget Group from a “b-” rating to a “c” rating in a research note on Wednesday, May 2nd. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. Avis Budget Group currently has a consensus rating of “Hold” and an average price target of $42.75.
Avis Budget Group stock opened at $33.96 on Wednesday. Avis Budget Group has a 52-week low of $30.67 and a 52-week high of $50.88. The firm has a market capitalization of $2.63 billion, a PE ratio of 11.92 and a beta of 2.06. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 41.18.
In other Avis Budget Group news, Director Leonard S. Coleman, Jr. sold 13,000 shares of the stock in a transaction on Friday, August 17th. The shares were sold at an average price of $34.63, for a total transaction of $450,190.00. Following the transaction, the director now directly owns 2,339 shares in the company, valued at approximately $80,999.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lynn Krominga sold 10,000 shares of the stock in a transaction on Monday, June 11th. The shares were sold at an average price of $40.00, for a total transaction of $400,000.00. Following the transaction, the director now owns 305 shares in the company, valued at $12,200. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of CAR. Cerebellum GP LLC bought a new position in Avis Budget Group during the 2nd quarter valued at $142,000. Summit Trail Advisors LLC lifted its position in shares of Avis Budget Group by 3,465.8% in the 1st quarter. Summit Trail Advisors LLC now owns 177,078 shares of the business services provider’s stock worth $177,000 after buying an additional 172,112 shares during the last quarter. Sei Investments Co. lifted its position in shares of Avis Budget Group by 12,509.1% in the 1st quarter. Sei Investments Co. now owns 4,161 shares of the business services provider’s stock worth $195,000 after buying an additional 4,128 shares during the last quarter. Chicago Equity Partners LLC bought a new position in shares of Avis Budget Group in the 1st quarter worth about $219,000. Finally, Cornerstone Wealth Management LLC bought a new position in shares of Avis Budget Group in the 2nd quarter worth about $224,000.
Avis Budget Group Company Profile
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,450 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of approximately 925 dealer-operated and 450 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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