Avis Budget Group, Inc. (NASDAQ:CAR) Receives $131.50 Average Price Target from Brokerages

Avis Budget Group, Inc. (NASDAQ:CAR) has been assigned an average rating of “Reduce” from the ten analysts that are covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $131.50.

CAR has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avis Budget Group in a research note on Wednesday, May 20th. Jefferies Financial Group downgraded shares of Avis Budget Group from a “buy” rating to a “hold” rating and raised their target price for the company from $112.00 to $160.00 in a research note on Friday, May 1st. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $125.00 target price on shares of Avis Budget Group in a research note on Friday, May 1st. JPMorgan Chase & Co. raised their target price on shares of Avis Budget Group from $155.00 to $170.00 and gave the company an “underweight” rating in a research note on Tuesday, June 23rd. Finally, Barclays set a $160.00 price target on shares of Avis Budget Group and gave the company an “equal weight” rating in a research report on Monday, June 8th.

Insider Activity at Avis Budget Group

In related news, EVP Ravi Simhambhatla sold 3,469 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $184.09, for a total transaction of $638,608.21. Following the completion of the sale, the executive vice president owned 13,876 shares of the company’s stock, valued at $2,554,432.84. This trade represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Pentwater Capital Management L sold 3,347 shares of the firm’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $438.74, for a total transaction of $1,468,462.78. Following the sale, the insider directly owned 6,177,100 shares of the company’s stock, valued at $2,710,140,854. This trade represents a 0.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 16,299 shares of company stock valued at $3,836,012 over the last 90 days. Corporate insiders own 50.48% of the company’s stock.

Institutional Investors Weigh In On Avis Budget Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd boosted its holdings in Avis Budget Group by 1,845.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock worth $27,000 after purchasing an additional 203 shares during the last quarter. Quarry LP purchased a new stake in Avis Budget Group in the fourth quarter worth approximately $27,000. Basepoint Wealth LLC purchased a new stake in Avis Budget Group in the fourth quarter worth approximately $32,000. American Wealth Advisors LLC purchased a new stake in Avis Budget Group in the third quarter worth approximately $41,000. Finally, Hollencrest Capital Management purchased a new stake in Avis Budget Group in the first quarter worth approximately $44,000. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Price Performance

Shares of CAR opened at $166.49 on Wednesday. Avis Budget Group has a one year low of $85.96 and a one year high of $847.70. The company has a 50-day simple moving average of $209.64 and a two-hundred day simple moving average of $162.62. The firm has a market capitalization of $5.88 billion, a PE ratio of -8.74 and a beta of 1.87.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Wednesday, April 29th. The business services provider reported ($8.01) EPS for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the previous year, the business earned ($14.35) EPS. Avis Budget Group’s revenue for the quarter was up 4.1% compared to the same quarter last year. Analysts expect that Avis Budget Group will post 2.93 EPS for the current fiscal 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.