Avis Budget Group (NASDAQ:CAR) Price Target Cut to $97.00 by Analysts at Morgan Stanley

Avis Budget Group (NASDAQ:CAR) had its target price decreased by equities research analysts at Morgan Stanley from $142.00 to $97.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the business services provider’s stock. Morgan Stanley’s price target indicates a potential upside of 0.43% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. Wall Street Zen cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Barclays decreased their price objective on Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, February 26th. The Goldman Sachs Group set a $85.00 target price on Avis Budget Group in a research note on Monday, February 23rd. Finally, Zacks Research cut Avis Budget Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, Avis Budget Group currently has an average rating of “Reduce” and a consensus target price of $124.71.

Avis Budget Group Stock Performance

Shares of Avis Budget Group stock traded down $0.47 during trading hours on Friday, reaching $96.58. The company’s stock had a trading volume of 206,662 shares, compared to its average volume of 691,713. Avis Budget Group has a one year low of $54.03 and a one year high of $212.81. The company’s 50 day simple moving average is $116.72 and its 200 day simple moving average is $135.60. The stock has a market cap of $3.41 billion, a P/E ratio of -3.80 and a beta of 2.32.

Insiders Place Their Bets

In other news, major shareholder Pentwater Capital Management L bought 425,000 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were purchased at an average cost of $94.26 per share, with a total value of $40,060,500.00. Following the completion of the acquisition, the insider directly owned 3,987,100 shares in the company, valued at approximately $375,824,046. The trade was a 11.93% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lynn Krominga sold 1,950 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $91.54, for a total transaction of $178,503.00. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 52.80% of the company’s stock.

Institutional Trading of Avis Budget Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd lifted its stake in Avis Budget Group by 1,845.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 203 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of Avis Budget Group by 138.3% in the fourth quarter. Pacer Advisors Inc. now owns 5,294 shares of the business services provider’s stock valued at $679,000 after buying an additional 3,072 shares in the last quarter. First Citizens Bank & Trust Co. lifted its position in shares of Avis Budget Group by 1.8% during the 4th quarter. First Citizens Bank & Trust Co. now owns 7,754 shares of the business services provider’s stock valued at $995,000 after acquiring an additional 137 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Avis Budget Group by 6.0% during the 4th quarter. Empowered Funds LLC now owns 3,417 shares of the business services provider’s stock worth $438,000 after acquiring an additional 192 shares in the last quarter. Finally, nVerses Capital LLC acquired a new position in shares of Avis Budget Group in the 4th quarter worth $236,000. 96.35% of the stock is currently owned by institutional investors.

About Avis Budget Group

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.