Avis Budget Group, Inc. (NASDAQ:CAR) had its price objective upped by stock analysts at Morgan Stanley from $18.00 to $21.00 in a note issued to investors on Friday. The brokerage currently has an “underweight” rating on the business services provider’s stock. Morgan Stanley’s price objective would suggest a potential downside of 40.48% from the company’s previous close.

A number of other research firms have also recently issued reports on CAR. Credit Suisse Group restated a “hold” rating on shares of Avis Budget Group in a research report on Thursday. BidaskClub upgraded shares of Avis Budget Group from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Goldman Sachs Group, Inc. (The) restated a “hold” rating and issued a $37.00 price objective on shares of Avis Budget Group in a research report on Thursday, September 7th. ValuEngine cut shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research report on Monday, August 7th. Finally, Zacks Investment Research cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Avis Budget Group has a consensus rating of “Hold” and a consensus price target of $36.56.

Shares of Avis Budget Group (CAR) traded down 0.28% during mid-day trading on Friday, reaching $35.17. 2,405,747 shares of the company’s stock were exchanged. Avis Budget Group has a one year low of $20.71 and a one year high of $41.53. The stock has a market cap of $2.91 billion, a PE ratio of 41.43 and a beta of 2.44. The company has a 50 day moving average price of $33.90 and a 200-day moving average price of $29.44.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Monday, August 7th. The business services provider reported $0.30 earnings per share (EPS) 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 firm had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the previous year, the firm posted $0.63 EPS. Avis Budget Group’s revenue was down .2% compared to the same quarter last year. On average, analysts predict that Avis Budget Group will post $2.54 EPS for the current year.

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In related news, Director John D. Jr. Hardy sold 908 shares of the business’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $32.78, for a total transaction of $29,764.24. Following the sale, the director now owns 908 shares of the company’s stock, valued at $29,764.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP David T. Calabria sold 1,300 shares of the business’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $35.86, for a total transaction of $46,618.00. Following the sale, the senior vice president now directly owns 5,662 shares in the company, valued at approximately $203,039.32. The disclosure for this sale can be found here. Insiders have sold 185,708 shares of company stock worth $6,878,212 in the last quarter. 2.80% of the stock is owned by corporate insiders.

A number of large investors have recently bought and sold shares of the stock. Proxima Capital Management LLC lifted its stake in shares of Avis Budget Group by 93.0% in the second quarter. Proxima Capital Management LLC now owns 580,000 shares of the business services provider’s stock worth $15,817,000 after buying an additional 279,500 shares in the last quarter. Verition Fund Management LLC bought a new position in shares of Avis Budget Group in the second quarter worth approximately $671,000. Ameritas Investment Partners Inc. lifted its stake in shares of Avis Budget Group by 25.9% in the second quarter. Ameritas Investment Partners Inc. now owns 31,925 shares of the business services provider’s stock worth $871,000 after buying an additional 6,576 shares in the last quarter. Bank of Nova Scotia bought a new position in shares of Avis Budget Group in the second quarter worth approximately $1,936,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Avis Budget Group by 44.5% in the second quarter. The Manufacturers Life Insurance Company now owns 179,596 shares of the business services provider’s stock worth $4,898,000 after buying an additional 55,299 shares in the last quarter.

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.

Analyst Recommendations for Avis Budget Group (NASDAQ:CAR)

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