Avis Budget Group (NASDAQ:CAR) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Avis Budget Group (NASDAQ:CAR) from a hold rating to a sell rating in a research note published on Saturday morning.

CAR has been the topic of a number of other research reports. JPMorgan Chase & Co. raised their target price on Avis Budget Group from $155.00 to $170.00 and gave the company an “underweight” rating in a report on Tuesday, June 23rd. The Goldman Sachs Group upped their price target on Avis Budget Group from $85.00 to $95.00 and gave the stock a “sell” rating in a report on Friday, July 24th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $125.00 price target on shares of Avis Budget Group in a research report on Friday, May 1st. Jefferies Financial Group cut Avis Budget Group from a “buy” rating to a “hold” rating and raised their price objective for the company from $112.00 to $160.00 in a research note on Friday, May 1st. Finally, Barclays set a $160.00 price objective on shares of Avis Budget Group and gave the stock an “equal weight” rating in a report on Monday, June 8th. Six equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $132.75.

Avis Budget Group Price Performance

Shares of NASDAQ CAR opened at $138.88 on Friday. The stock has a market capitalization of $4.91 billion, a P/E ratio of -7.64 and a beta of 1.92. The company has a 50-day moving average price of $167.29 and a 200-day moving average price of $167.50. Avis Budget Group has a 1 year low of $85.96 and a 1 year high of $847.70.

Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Tuesday, July 28th. The business services provider reported $0.98 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($1.07). The company had revenue of $3 billion for the quarter, compared to the consensus estimate of $3.10 billion. During the same quarter in the previous year, the company earned $0.10 EPS. Avis Budget Group’s revenue was down 1.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Avis Budget Group will post 2.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avis Budget Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd raised its position 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 acquiring an additional 203 shares during the period. Quarry LP bought a new position in shares of Avis Budget Group during the 4th quarter valued at approximately $27,000. Basepoint Wealth LLC purchased a new stake in shares of Avis Budget Group during the 4th quarter worth approximately $32,000. Hollencrest Capital Management bought a new position in Avis Budget Group during the first quarter valued at $44,000. Finally, Hantz Financial Services Inc. increased its position in Avis Budget Group by 70.4% in the fourth quarter. Hantz Financial Services Inc. now owns 431 shares of the business services provider’s stock worth $55,000 after buying an additional 178 shares during the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Company Profile

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.