Avis Budget Group (NASDAQ:CAR) Given New $140.00 Price Target at Bank of America

Avis Budget Group (NASDAQ:CAR) had its target price trimmed by Bank of America from $170.00 to $140.00 in a report released on Wednesday, Benzinga reports. The firm currently has a buy rating on the business services provider’s stock.

CAR has been the subject of several other research reports. Susquehanna dropped their price objective on shares of Avis Budget Group from $145.00 to $117.00 and set a neutral rating for the company in a report on Tuesday, April 30th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Avis Budget Group from $202.00 to $183.00 and set a buy rating for the company in a report on Thursday, April 18th. Morgan Stanley dropped their price objective on shares of Avis Budget Group from $190.00 to $187.00 and set an overweight rating for the company in a report on Wednesday, April 10th. JPMorgan Chase & Co. lowered their price target on shares of Avis Budget Group from $280.00 to $240.00 and set an overweight rating for the company in a report on Wednesday, February 14th. Finally, Northcoast Research raised shares of Avis Budget Group from a neutral rating to a buy rating and set a $155.00 price target for the company in a report on Monday, March 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $164.57.

Avis Budget Group Price Performance

NASDAQ:CAR opened at $115.60 on Wednesday. Avis Budget Group has a one year low of $93.53 and a one year high of $244.95. The firm has a market capitalization of $4.12 billion, a price-to-earnings ratio of 3.65 and a beta of 2.28. The business has a fifty day moving average price of $111.63 and a 200-day moving average price of $150.32.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Wednesday, May 1st. The business services provider reported ($3.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.65) by ($0.56). Avis Budget Group had a negative return on equity of 480.48% and a net margin of 10.05%. The business had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.41 billion. During the same quarter in the previous year, the company posted $7.72 EPS. The company’s quarterly revenue was down .2% on a year-over-year basis. On average, equities research analysts expect that Avis Budget Group will post 13.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avis Budget Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Aigen Investment Management LP raised its position in shares of Avis Budget Group by 4.8% in the 4th quarter. Aigen Investment Management LP now owns 1,303 shares of the business services provider’s stock valued at $231,000 after purchasing an additional 60 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in Avis Budget Group by 3.2% in the 4th quarter. Janney Montgomery Scott LLC now owns 2,540 shares of the business services provider’s stock worth $450,000 after acquiring an additional 79 shares during the last quarter. Arizona State Retirement System lifted its position in Avis Budget Group by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 6,226 shares of the business services provider’s stock worth $1,119,000 after acquiring an additional 84 shares during the period. New York Life Investment Management LLC grew its stake in Avis Budget Group by 4.0% during the 4th quarter. New York Life Investment Management LLC now owns 2,265 shares of the business services provider’s stock valued at $401,000 after purchasing an additional 87 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in shares of Avis Budget Group by 2.1% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 4,270 shares of the business services provider’s stock valued at $767,000 after purchasing an additional 89 shares during the period. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Company Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.