Avis Budget Group (NASDAQ:CAR) Stock Rating Cut to “Strong Sell” at Zacks Research

Avis Budget Group (NASDAQ:CAR) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Monday, Zacks reports.

A number of other brokerages have also weighed in on CAR. Morgan Stanley decreased their target price on shares of Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating for the company in a research note on Friday, September 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Avis Budget Group in a research note on Monday, August 17th. The Goldman Sachs Group raised their price target on Avis Budget Group from $85.00 to $95.00 and gave the stock a “sell” rating in a research note on Friday, July 24th. Wall Street Zen lowered Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Finally, JPMorgan Chase & Co. cut their price objective on Avis Budget Group from $145.00 to $105.00 and set an “underweight” rating for the company in a report on Thursday, October 8th. Five analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $125.71.

Avis Budget Group Stock Performance

Shares of Avis Budget Group stock opened at $102.45 on Monday. The company’s 50 day moving average is $122.90 and its 200 day moving average is $172.00. Avis Budget Group has a twelve month low of $85.96 and a twelve month high of $847.70.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Tuesday, July 28th. The business services provider reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate 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 prior year, the company earned $0.10 EPS. The company’s revenue was down 1.3% compared to the same quarter last year. Equities analysts expect that Avis Budget Group will post 1.08 EPS for the current fiscal year.

Institutional Trading of Avis Budget Group

Several hedge funds have recently bought and sold shares of the stock. Pentwater Capital Management LP bought a new position in shares of Avis Budget Group in the second quarter worth about $371,541,000. Bank of America Corp DE bought a new position in shares of Avis Budget Group in the second quarter worth about $13,348,000. Amundi lifted its position in shares of Avis Budget Group by 218.6% during the 2nd quarter. Amundi now owns 247,987 shares of the business services provider’s stock valued at $36,660,000 after buying an additional 170,162 shares in the last quarter. Engineers Gate Manager LP lifted its position in shares of Avis Budget Group by 129.0% during the 2nd quarter. Engineers Gate Manager LP now owns 16,821 shares of the business services provider’s stock valued at $2,487,000 after buying an additional 9,474 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Avis Budget Group by 5.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 356,900 shares of the business services provider’s stock valued at $52,036,000 after buying an additional 17,074 shares in the last quarter. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Company Profile

Avis Budget Group, Inc is a provider of mobility and vehicle-rental services. Through its Avis and Budget brands, the company offers car and truck rentals to business and leisure customers, serving travelers through airport and neighborhood locations as well as digital booking channels.

The company also operates Zipcar, a car-sharing service that provides members with access to vehicles for short-term use. Its brand portfolio has also included Payless, which serves value-oriented rental customers.