Avis Budget Group (NASDAQ:CAR) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Friday, BidAskClub reports.
Several other research analysts have also recently issued reports on CAR. JPMorgan Chase & Co. increased their price target on Avis Budget Group from $13.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, June 19th. Barclays increased their target price on shares of Avis Budget Group from $18.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 28th. They noted that the move was a valuation call. Deutsche Bank boosted their price target on shares of Avis Budget Group from $24.00 to $34.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. TheStreet cut Avis Budget Group from a “c-” rating to a “d” rating in a report on Tuesday, August 4th. Finally, Zacks Investment Research increased their price target on Avis Budget Group to $39.00 in a research note on Tuesday, September 8th. Five analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $29.83.
Shares of CAR stock traded up $0.40 during trading hours on Friday, reaching $31.57. The stock had a trading volume of 1,807,123 shares, compared to its average volume of 4,256,864. The firm has a market capitalization of $2.20 billion, a PE ratio of -6.76 and a beta of 2.60. The firm has a 50-day simple moving average of $31.71 and a 200-day simple moving average of $23.97. Avis Budget Group has a twelve month low of $6.35 and a twelve month high of $52.98. The company has a debt-to-equity ratio of 52.72, a current ratio of 1.07 and a quick ratio of 1.07.
Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Tuesday, July 28th. The business services provider reported ($5.60) EPS for the quarter, topping the consensus estimate of ($5.84) by $0.24. The firm had revenue of $760.00 million during the quarter, compared to analysts’ expectations of $732.05 million. Avis Budget Group had a negative net margin of 4.15% and a negative return on equity of 66.36%. Avis Budget Group’s quarterly revenue was down 67.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.79 EPS. On average, equities analysts anticipate that Avis Budget Group will post -7.56 earnings per share for the current year.
In other Avis Budget Group news, Director Srs Investment Management, Llc bought 67,816 shares of Avis Budget Group stock in a transaction dated Monday, August 17th. The stock was bought at an average price of $30.80 per share, for a total transaction of $2,088,732.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have bought 1,233,049 shares of company stock worth $40,779,593 in the last 90 days. 23.20% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC increased its position in Avis Budget Group by 551.9% in the 1st quarter. AQR Capital Management LLC now owns 2,432,401 shares of the business services provider’s stock worth $33,810,000 after purchasing an additional 2,059,250 shares during the last quarter. Nuveen Asset Management LLC raised its stake in shares of Avis Budget Group by 117.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 544,331 shares of the business services provider’s stock valued at $12,460,000 after acquiring an additional 294,209 shares in the last quarter. Prentice Capital Management LP acquired a new stake in Avis Budget Group in the 1st quarter worth approximately $3,951,000. Athanor Capital LP acquired a new position in Avis Budget Group during the second quarter valued at approximately $6,413,000. Finally, Bridgeway Capital Management Inc. bought a new position in shares of Avis Budget Group in the second quarter valued at approximately $5,251,000. Institutional investors own 96.20% of the company’s stock.
Avis Budget Group Company Profile
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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