Avis Budget Group, Inc. (NASDAQ:CAR) Stock Has Consensus Target Price of $135.00

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) have been assigned a consensus rating of “Reduce” from the nine research firms that are presently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $125.71.

CAR has been the subject of several recent research reports. JPMorgan Chase & Co. lowered their price objective on shares of Avis Budget Group from $145.00 to $105.00 and set an “underweight” rating for the company in a research report on Thursday. The Goldman Sachs Group upped their price target on Avis Budget Group from $85.00 to $95.00 and gave the company a “sell” rating in a research report on Friday, July 24th. Wall Street Zen downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Zacks Research raised shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 1st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Avis Budget Group in a research note on Monday, August 17th.

Avis Budget Group Trading Down 0.2%

NASDAQ:CAR opened at $110.00 on Friday. The company’s 50-day moving average is $128.36 and its two-hundred day moving average is $173.72. The firm has a market cap of $3.89 billion, a price-to-earnings ratio of -6.05 and a beta of 2.12. Avis Budget Group has a 12-month low of $85.96 and a 12-month high of $847.70.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data 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 firm had revenue of $3 billion during the quarter, compared to analyst estimates of $3.10 billion. The firm’s revenue was down 1.3% on a year-over-year basis. During the same quarter last year, the business earned $0.10 EPS. On average, equities research analysts forecast that Avis Budget Group will post 1.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avis Budget Group

Several large investors have recently made changes to their positions in CAR. Pentwater Capital Management LP bought a new position in Avis Budget Group during the second quarter valued at approximately $371,541,000. Hsbc Holdings PLC bought a new stake in Avis Budget Group in the second quarter worth approximately $247,773,000. BlackRock Inc. acquired a new position in shares of Avis Budget Group during the 2nd quarter worth $245,413,000. Cibc World Market Inc. increased its stake in shares of Avis Budget Group by 75.0% during the 4th quarter. Cibc World Market Inc. now owns 700,005 shares of the business services provider’s stock worth $89,825,000 after purchasing an additional 300,000 shares during the last quarter. Finally, Mizuho Markets Americas LLC lifted its stake in shares of Avis Budget Group by 7.4% in the 1st quarter. Mizuho Markets Americas LLC now owns 400,000 shares of the business services provider’s stock valued at $58,340,000 after purchasing an additional 27,500 shares during the last quarter. Institutional investors own 96.35% of the company’s stock.

About Avis Budget Group

Avis Budget Group, Inc is a global provider of vehicle rental and mobility services. The company operates through a portfolio of brands that includes Avis, Budget, Payless and Zipcar, offering cars, vans and other vehicles to leisure and business customers.

Avis and Budget provide short-term vehicle rentals through airport and neighborhood locations, while Payless focuses on value-oriented rental services. Zipcar operates a car-sharing network that allows members to reserve vehicles by the hour or day.