Avis Budget Group (NASDAQ:CAR) Price Target Raised to $155.00

Avis Budget Group (NASDAQ:CAR) had its target price increased by JPMorgan Chase & Co. from $140.00 to $155.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “underweight” rating on the business services provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential downside of 13.46% from the stock’s current price.

A number of other analysts have also issued reports on CAR. Barclays set a $160.00 price target on Avis Budget Group and gave the stock an “equal weight” rating in a research note on Monday. Zacks Research raised Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 6th. The Goldman Sachs Group set a $85.00 price objective on Avis Budget Group in a report on Monday, February 23rd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $125.00 target price on shares of Avis Budget Group in a report on Friday, May 1st. Finally, Morgan Stanley raised their price target on shares of Avis Budget Group from $97.00 to $99.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 20th. Six analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $129.63.

Avis Budget Group Stock Performance

Shares of CAR stock traded up $0.01 on Tuesday, reaching $179.11. 57,614 shares of the company were exchanged, compared to its average volume of 1,896,346. Avis Budget Group has a 1 year low of $85.96 and a 1 year high of $847.70. The business has a 50-day moving average price of $228.10 and a 200 day moving average price of $157.65. The company has a market cap of $6.33 billion, a price-to-earnings ratio of -9.40 and a beta of 1.87.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The company had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter last year, the firm posted ($14.35) EPS. The company’s revenue was up 4.1% compared to the same quarter last year. As a group, equities analysts anticipate that Avis Budget Group will post 2.93 earnings per share for the current year.

Insider Buying and Selling

In other Avis Budget Group news, EVP Edward P. Linnen sold 9,483 shares of the business’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $182.32, for a total transaction of $1,728,940.56. Following the transaction, the executive vice president owned 37,932 shares of the company’s stock, valued at approximately $6,915,762.24. The trade was a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Ravi Simhambhatla sold 3,469 shares of the company’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $184.09, for a total value 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 approximately $2,554,432.84. The trade was a 20.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 16,299 shares of company stock worth $3,836,012. 50.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Avis Budget Group

Institutional investors have recently bought and sold shares of the company. ING Groep NV grew its stake in shares of Avis Budget Group by 440.2% in the 3rd quarter. ING Groep NV now owns 1,035,000 shares of the business services provider’s stock valued at $166,195,000 after buying an additional 843,400 shares during the period. UBS Group AG increased its holdings in shares of Avis Budget Group by 37.3% during the 4th quarter. UBS Group AG now owns 2,964,807 shares of the business services provider’s stock worth $380,444,000 after buying an additional 804,814 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new stake in shares of Avis Budget Group during the 3rd quarter valued at approximately $97,951,000. Morgan Stanley raised its position in shares of Avis Budget Group by 38.1% during the 4th quarter. Morgan Stanley now owns 1,975,675 shares of the business services provider’s stock valued at $253,519,000 after buying an additional 545,574 shares during the period. Finally, National Bank of Canada FI lifted its holdings in Avis Budget Group by 46.6% in the third quarter. National Bank of Canada FI now owns 1,290,000 shares of the business services provider’s stock valued at $207,142,000 after acquiring an additional 409,761 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.