Avis Budget Group (NASDAQ:CAR) Rating Increased to Sell at BidaskClub

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BidaskClub upgraded shares of Avis Budget Group (NASDAQ:CAR) from a strong sell rating to a sell rating in a report published on Thursday, BidAskClub reports.

CAR has been the topic of several other research reports. ValuEngine lowered shares of Avis Budget Group from a sell rating to a strong sell rating in a report on Thursday, August 1st. Northcoast Research restated a buy rating on shares of Avis Budget Group in a report on Tuesday, August 6th. Morgan Stanley set a $32.00 target price on shares of Avis Budget Group and gave the company a sell rating in a report on Friday, August 9th. Finally, TheStreet upgraded shares of Avis Budget Group from a c rating to a b- rating in a report on Monday, August 5th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $39.00.

Shares of NASDAQ:CAR traded down $0.36 during mid-day trading on Thursday, reaching $28.88. 691,917 shares of the company’s stock were exchanged, compared to its average volume of 1,374,455. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of 7.91 and a beta of 2.11. The business’s fifty day moving average price is $29.09 and its 200-day moving average price is $32.87. The company has a debt-to-equity ratio of 46.72, a quick ratio of 0.86 and a current ratio of 0.86. Avis Budget Group has a twelve month low of $21.63 and a twelve month high of $37.27.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Monday, August 5th. The business services provider reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.06. The business had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.35 billion. Avis Budget Group had a net margin of 2.17% and a return on equity of 75.35%. Avis Budget Group’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.57 earnings per share. Analysts predict that Avis Budget Group will post 4.05 EPS for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the stock. World Asset Management Inc increased its stake in Avis Budget Group by 4.3% in the second quarter. World Asset Management Inc now owns 7,791 shares of the business services provider’s stock valued at $274,000 after purchasing an additional 319 shares in the last quarter. Oppenheimer Asset Management Inc. increased its stake in Avis Budget Group by 13.9% in the second quarter. Oppenheimer Asset Management Inc. now owns 3,294 shares of the business services provider’s stock valued at $116,000 after purchasing an additional 403 shares in the last quarter. Pearl River Capital LLC increased its stake in Avis Budget Group by 51.6% in the second quarter. Pearl River Capital LLC now owns 1,483 shares of the business services provider’s stock valued at $52,000 after purchasing an additional 505 shares in the last quarter. Arizona State Retirement System increased its stake in Avis Budget Group by 1.3% in the second quarter. Arizona State Retirement System now owns 46,280 shares of the business services provider’s stock valued at $1,627,000 after purchasing an additional 578 shares in the last quarter. Finally, Texas Permanent School Fund increased its stake in Avis Budget Group by 1.6% in the first quarter. Texas Permanent School Fund now owns 43,215 shares of the business services provider’s stock valued at $1,506,000 after purchasing an additional 699 shares in the last quarter. Institutional investors and hedge funds own 99.87% of the company’s stock.

About Avis Budget Group

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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