Avis Budget Group (NASDAQ:CAR) Stock Rating Lowered by Wall Street Zen

Avis Budget Group (NASDAQ:CAR) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

CAR has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $125.00 price target on shares of Avis Budget Group in a report on Friday, May 1st. Jefferies Financial Group lowered shares of Avis Budget Group from a “buy” rating to a “hold” rating and upped their target price for the stock from $112.00 to $160.00 in a research report on Friday, May 1st. Morgan Stanley increased their target price on shares of Avis Budget Group from $97.00 to $99.00 and gave the company an “equal weight” rating in a report on Wednesday, May 20th. Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Avis Budget Group in a research note on Wednesday, May 20th. Six analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $132.75.

Avis Budget Group Price Performance

Shares of CAR stock opened at $137.44 on Friday. The business’s fifty day moving average price is $167.85 and its 200 day moving average price is $167.40. Avis Budget Group has a 1-year low of $85.96 and a 1-year high of $847.70. The firm has a market capitalization of $4.86 billion, a PE ratio of -7.56 and a beta of 1.92.

Avis Budget Group (NASDAQ:CAR) last released 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 business had revenue of $3 billion during the quarter, compared to analysts’ expectations of $3.10 billion. The business’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same period last year, the firm earned $0.10 EPS. Equities research analysts expect that Avis Budget Group will post 2.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avis Budget Group

Several institutional investors and hedge funds have recently made changes to their positions in CAR. Caitong International Asset Management Co. Ltd grew its stake in Avis Budget Group by 1,845.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock valued at $27,000 after acquiring an additional 203 shares during the last quarter. Quarry LP acquired a new position in Avis Budget Group during the fourth quarter worth about $27,000. Basepoint Wealth LLC acquired a new position in Avis Budget Group during the fourth quarter worth about $32,000. Hollencrest Capital Management purchased a new stake in shares of Avis Budget Group in the first quarter valued at about $44,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Avis Budget Group by 26.5% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock valued at $58,000 after purchasing an additional 76 shares in the last quarter. 96.35% of the stock is currently 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.