Avis Budget Group (NASDAQ:CAR) Stock Rating Cut to Strong Sell at Zacks Research

Zacks Research downgraded shares of Avis Budget Group (NASDAQ:CAR) from a hold rating to a strong sell rating in a research report released on Monday morning,Zacks reports.

CAR has been the subject of several other research reports. JPMorgan Chase & Co. reduced 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, October 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avis Budget Group in a report on Monday, August 17th. Morgan Stanley cut their target price on shares of Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating for the company in a research note on Friday, September 11th. The Goldman Sachs Group increased their target price on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a “sell” rating in a research note on Friday, July 24th. Finally, Wall Street Zen cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Five equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $125.71.

Avis Budget Group Stock Up 0.1%

Shares of CAR stock opened at $102.45 on Monday. The stock has a 50-day simple moving average of $122.90 and a 200 day simple moving average of $172.00. Avis Budget Group has a fifty-two week low of $85.96 and a fifty-two week high of $847.70. The stock has a market capitalization of $3.62 billion, a P/E ratio of -5.64 and a beta of 2.12.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Tuesday, July 28th. The business services provider reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($1.07). The company had revenue of $3 billion during the quarter, compared to analysts’ expectations of $3.10 billion. During the same quarter in the prior year, the firm posted $0.10 earnings per share. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Avis Budget Group will post 1.08 earnings per share for the current year.

Institutional Investors Weigh In On Avis Budget Group

Hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC boosted its position in shares of Avis Budget Group by 11.6% in the 1st quarter. Parallel Advisors LLC now owns 587 shares of the business services provider’s stock valued at $86,000 after purchasing an additional 61 shares during the period. Oregon Public Employees Retirement Fund increased its stake in Avis Budget Group by 3.0% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 3,474 shares of the business services provider’s stock worth $507,000 after purchasing an additional 100 shares in the last quarter. State of Michigan Retirement System raised its holdings in Avis Budget Group by 2.5% during the 1st quarter. State of Michigan Retirement System now owns 4,073 shares of the business services provider’s stock worth $594,000 after buying an additional 100 shares during the period. GAMMA Investing LLC raised its holdings in Avis Budget Group by 11.0% during the 3rd quarter. GAMMA Investing LLC now owns 1,140 shares of the business services provider’s stock worth $122,000 after buying an additional 113 shares during the period. Finally, 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 buying an additional 203 shares in the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Company Profile

Avis Budget Group, Inc is a provider of mobility and vehicle-rental services. Through its Avis and Budget brands, the company offers car and truck rentals to business and leisure customers, serving travelers through airport and neighborhood locations as well as digital booking channels.

The company also operates Zipcar, a car-sharing service that provides members with access to vehicles for short-term use. Its brand portfolio has also included Payless, which serves value-oriented rental customers.