Avis Budget Group Sets New 12-Month High on Analyst Upgrade (CAR)
Avis Budget Group (NYSE:CAR)’s share price reached a new 52-week high on Friday after Morgan Stanley raised their price target on the stock from $28.00 to $30.00, American Banking News.com reports. The company traded as high as $61.98 and last traded at $61.96, with a volume of 1,306,309 shares changing hands. The stock had previously closed at $60.26.
Other equities research analysts have also recently issued reports about the stock. Analysts at Deutsche Bank reiterated a “hold” rating on shares of Avis Budget Group in a research note on Wednesday. They now have a $60.00 price target on the stock, up previously from $58.00. Separately, analysts at MKM Partners raised their price target on shares of Avis Budget Group from $75.00 to $80.00 in a research note on Wednesday. They now have a “buy” rating on the stock. Finally, analysts at Barclays raised their price target on shares of Avis Budget Group from $60.00 to $62.00 in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Avis Budget Group presently has an average rating of “Hold” and a consensus target price of $54.50.
In other Avis Budget Group news, CEO Ronald L. Nelson sold 25,000 shares of the company’s stock on the open market in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $60.89, for a total value of $1,522,250.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
The stock has a 50-day moving average of $59.13 and a 200-day moving average of $51.74. The company has a market cap of $6.446 billion and a P/E ratio of 55.85. Avis Budget Group also saw some unusual options trading on Tuesday. Investors bought 2,846 call options on the stock. This represents an increase of approximately 216% compared to the typical daily volume of 901 call options.
Avis Budget Group (NYSE:CAR) last released its earnings data on Monday, August 4th. The company reported $0.68 EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.06) by $0.74. The company had revenue of $2.20 million for the quarter, compared to the consensus estimate of $40.75 million. During the same quarter in the prior year, the company posted $0.50 earnings per share. The company’s quarterly revenue was up 9.6% on a year-over-year basis. On average, analysts predict that Avis Budget Group will post $2.96 earnings per share for the current fiscal year.
Avis Budget Group, Inc (NYSE:CAR) operates two brands in the global vehicle rental industry through Avis and Budget.
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