Avis Budget Group (CAR) Stock Rating Lowered by Goldman Sachs Group

Avis Budget Group (NASDAQ:CAR) was downgraded by stock analysts at Goldman Sachs Group from a “neutral” rating to a “sell” rating in a note issued to investors on Wednesday, The Fly reports.

Several other research analysts have also weighed in on the stock. Zacks Investment Research lowered shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Tuesday, January 2nd. BidaskClub lowered shares of Avis Budget Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 3rd. TheStreet upgraded shares of Avis Budget Group from a “c” rating to a “b-” rating in a research report on Friday, November 10th. ValuEngine lowered shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research report on Tuesday, November 7th. Finally, Deutsche Bank lowered their target price on shares of Avis Budget Group from $49.00 to $48.00 and set a “buy” rating on the stock in a research report on Wednesday, November 8th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $37.70.

Avis Budget Group (NASDAQ:CAR) opened at $40.12 on Wednesday. Avis Budget Group has a one year low of $20.71 and a one year high of $49.41. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 35.24. The stock has a market cap of $3,319.56, a PE ratio of 29.72 and a beta of 2.45.

In other news, CMO W Scott Deaver sold 40,000 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $39.05, for a total value of $1,562,000.00. Following the sale, the chief marketing officer now directly owns 125,674 shares in the company, valued at $4,907,569.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Ronald L. Nelson sold 275,000 shares of the stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $40.22, for a total transaction of $11,060,500.00. Following the completion of the sale, the chairman now owns 473,214 shares in the company, valued at $19,032,667.08. The disclosure for this sale can be found here. Insiders sold 463,750 shares of company stock worth $18,702,638 over the last quarter. Company insiders own 2.80% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its stake in shares of Avis Budget Group by 1.9% during the third quarter. Bank of New York Mellon Corp now owns 4,534,212 shares of the business services provider’s stock valued at $172,573,000 after buying an additional 83,974 shares during the period. State Street Corp lifted its stake in shares of Avis Budget Group by 21.6% during the second quarter. State Street Corp now owns 2,951,521 shares of the business services provider’s stock valued at $80,487,000 after buying an additional 524,807 shares during the period. Pzena Investment Management LLC lifted its stake in shares of Avis Budget Group by 67.6% during the fourth quarter. Pzena Investment Management LLC now owns 1,660,313 shares of the business services provider’s stock valued at $72,855,000 after buying an additional 669,678 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Avis Budget Group by 1.9% during the third quarter. Dimensional Fund Advisors LP now owns 1,506,635 shares of the business services provider’s stock valued at $57,343,000 after buying an additional 28,250 shares during the period. Finally, 1060 Capital LLC purchased a new position in shares of Avis Budget Group during the third quarter valued at approximately $25,874,000.

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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.

The Fly

Analyst Recommendations for Avis Budget Group (NASDAQ:CAR)

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