Morgan Stanley Cuts Avis Budget Group, Inc. (CAR) Price Target to $18.00
Avis Budget Group, Inc. (NASDAQ:CAR) had its target price dropped by Morgan Stanley from $19.00 to $18.00 in a research report issued on Friday. The firm presently has an “underweight” rating on the business services provider’s stock. Morgan Stanley’s target price suggests a potential downside of 43.86% from the company’s previous close.
A number of other brokerages have also weighed in on CAR. BidaskClub upgraded shares of Avis Budget Group from a “buy” rating to a “strong-buy” rating in a research report on Monday, August 14th. ValuEngine lowered shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research report on Monday, August 7th. Zacks Investment Research lowered shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. J P Morgan Chase & Co began coverage on shares of Avis Budget Group in a research report on Friday, August 4th. They issued an “overweight” rating and a $39.00 target price on the stock. Finally, Credit Suisse Group cut their target price on shares of Avis Budget Group from $38.00 to $27.00 and set a “neutral” rating on the stock in a research report on Friday, May 5th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. Avis Budget Group currently has a consensus rating of “Hold” and an average target price of $36.30.
Avis Budget Group (NASDAQ CAR) traded down 5.15% during mid-day trading on Friday, reaching $32.06. The company had a trading volume of 3,046,083 shares. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of 37.76 and a beta of 2.49. The company’s 50 day moving average is $31.98 and its 200 day moving average is $29.49. Avis Budget Group has a 52-week low of $20.71 and a 52-week high of $41.53.
Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Monday, August 7th. The business services provider reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by $0.32. Avis Budget Group had a net margin of 0.86% and a return on equity of 74.80%. The company had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same quarter in the prior year, the business earned $0.63 EPS. The business’s quarterly revenue was down .2% on a year-over-year basis. Equities analysts predict that Avis Budget Group will post $2.50 earnings per share for the current year.
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In other news, Director John D. Jr. Hardy sold 908 shares of Avis Budget Group stock in a transaction on Friday, August 11th. The shares were sold at an average price of $32.78, for a total transaction of $29,764.24. Following the transaction, the director now owns 908 shares in the company, valued at $29,764.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.80% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of the company. FNY Managed Accounts LLC purchased a new position in shares of Avis Budget Group during the first quarter worth $102,000. James Investment Research Inc. purchased a new position in shares of Avis Budget Group during the first quarter worth $113,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Avis Budget Group during the second quarter worth $191,000. World Asset Management Inc increased its position in shares of Avis Budget Group by 8.9% in the first quarter. World Asset Management Inc now owns 7,474 shares of the business services provider’s stock worth $221,000 after buying an additional 610 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in shares of Avis Budget Group during the second quarter worth $225,000.
Avis Budget Group Company Profile
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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