Avis Budget Group, Inc. (NASDAQ:CAR) Given Consensus Recommendation of “Reduce” by Brokerages

Avis Budget Group, Inc. (NASDAQ:CAR) has received a consensus recommendation of “Reduce” from the nine ratings firms that are covering the company, MarketBeat reports. Three analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $137.5714.

Several equities research analysts have recently issued reports on the stock. Barclays reduced their price objective on shares of Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Monday, November 3rd. Zacks Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. Susquehanna reduced their price objective on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 29th. JPMorgan Chase & Co. boosted their price target on shares of Avis Budget Group from $155.00 to $157.00 and gave the stock a “neutral” rating in a research report on Monday, October 20th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $142.00 price target (up previously from $115.00) on shares of Avis Budget Group in a report on Monday, December 8th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Y Intercept Hong Kong Ltd purchased a new stake in shares of Avis Budget Group during the second quarter valued at $1,297,000. Assenagon Asset Management S.A. boosted its position in Avis Budget Group by 62.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 384,401 shares of the business services provider’s stock valued at $61,725,000 after buying an additional 148,093 shares during the period. Caxton Associates LLP bought a new position in Avis Budget Group in the 2nd quarter worth about $4,628,000. Ballentine Partners LLC bought a new position in Avis Budget Group in the 2nd quarter worth about $308,000. Finally, Prescott Group Capital Management L.L.C. purchased a new position in shares of Avis Budget Group during the second quarter worth approximately $2,367,000. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Stock Up 0.5%

Shares of Avis Budget Group stock opened at $115.67 on Friday. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of -1.93 and a beta of 2.31. The stock’s 50-day simple moving average is $128.72 and its 200-day simple moving average is $147.86. Avis Budget Group has a 52 week low of $54.03 and a 52 week high of $212.81.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Monday, October 27th. The business services provider reported $10.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.11 by $2.00. The business had revenue of $3.52 billion for the quarter, compared to the consensus estimate of $3.47 billion. During the same period last year, the business posted $6.65 EPS. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, equities analysts expect that Avis Budget Group will post 8.91 earnings per share for the current year.

About Avis Budget Group

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.