StockNews.com Begins Coverage on Avis Budget Group (NASDAQ:CAR)

StockNews.com initiated coverage on shares of Avis Budget Group (NASDAQ:CAR – Get Rating) in a research note released on Thursday morning. The firm issued a hold rating on the business services provider’s stock.

A number of other analysts have also weighed in on CAR. Susquehanna upped their target price on shares of Avis Budget Group from $225.00 to $240.00 and gave the stock a neutral rating in a research note on Wednesday, February 15th. JPMorgan Chase & Co. increased their price target on shares of Avis Budget Group from $270.00 to $275.00 and gave the company an overweight rating in a research note on Wednesday, February 15th. Morgan Stanley increased their price target on shares of Avis Budget Group from $160.00 to $175.00 and gave the company an underweight rating in a research note on Thursday, February 23rd. Finally, Susquehanna Bancshares initiated coverage on shares of Avis Budget Group in a research note on Tuesday, December 6th. They issued a neutral rating and a $225.00 price target on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $227.00.

Avis Budget Group Price Performance

Shares of NASDAQ:CAR opened at $173.38 on Thursday. The firm’s 50-day moving average is $207.82 and its two-hundred day moving average is $194.54. Avis Budget Group has a 1 year low of $131.83 and a 1 year high of $327.80. The firm has a market capitalization of $6.84 billion, a PE ratio of 3.03 and a beta of 2.34.

Avis Budget Group (NASDAQ:CAR – Get Rating) last released its earnings results on Tuesday, February 14th. The business services provider reported $10.46 earnings per share for the quarter, topping analysts’ consensus estimates of $6.85 by $3.61. Avis Budget Group had a net margin of 23.05% and a negative return on equity of 395.49%. The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same period in the prior year, the firm earned $7.08 earnings per share. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. Analysts expect that Avis Budget Group will post 28.24 EPS for the current fiscal year.

Insider Buying and Selling

In other Avis Budget Group news, EVP Edward P. Linnen sold 7,300 shares of the firm’s stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $242.58, for a total value of $1,770,834.00. Following the completion of the sale, the executive vice president now owns 29,168 shares of the company’s stock, valued at $7,075,573.44. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Lynn Krominga sold 887 shares of the firm’s stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $226.30, for a total value of $200,728.10. Following the completion of the transaction, the director now owns 628 shares in the company, valued at $142,116.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Edward P. Linnen sold 7,300 shares of the business’s stock in a transaction dated Wednesday, February 15th. The stock was sold at an average price of $242.58, for a total transaction of $1,770,834.00. Following the completion of the sale, the executive vice president now owns 29,168 shares in the company, valued at $7,075,573.44. The disclosure for this sale can be found here. Corporate insiders own 37.30% of the company’s stock.

Institutional Trading of Avis Budget Group

Institutional investors and hedge funds have recently modified their holdings of the business. Toronto Dominion Bank purchased a new stake in Avis Budget Group in the 4th quarter valued at approximately $97,480,000. Renaissance Technologies LLC raised its stake in Avis Budget Group by 97.0% in the 4th quarter. Renaissance Technologies LLC now owns 469,180 shares of the business services provider’s stock valued at $76,913,000 after purchasing an additional 230,980 shares during the last quarter. Cibc World Markets Corp purchased a new position in Avis Budget Group in the 4th quarter valued at about $37,540,000. Citigroup Inc. boosted its stake in shares of Avis Budget Group by 1,413.8% during the 4th quarter. Citigroup Inc. now owns 242,376 shares of the business services provider’s stock worth $39,733,000 after purchasing an additional 226,365 shares during the last quarter. Finally, Wedge Capital Management L L P NC purchased a new stake in shares of Avis Budget Group during the third quarter worth about $27,354,000. Hedge funds and other institutional investors own 98.31% of the company’s stock.

About Avis Budget Group

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Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the Americas and International segments. The Americas segment includes the company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America, and the Caribbean.