Avis Budget Group, Inc. (NASDAQ:CAR) Given Consensus Recommendation of “Reduce” by Brokerages

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) have earned a consensus recommendation of “Reduce” from the nine ratings firms that are presently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $137.5714.

A number of research firms have recently commented on CAR. Zacks Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. Susquehanna lowered their price target on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating for the company in a research report on Wednesday, October 29th. Morgan Stanley restated an “equal weight” rating and issued a $142.00 price objective (up from $115.00) on shares of Avis Budget Group in a report on Monday, December 8th. JPMorgan Chase & Co. lifted their price objective on Avis Budget Group from $155.00 to $157.00 and gave the company a “neutral” rating in a research note on Monday, October 20th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, October 8th.

Avis Budget Group Stock Performance

CAR opened at $128.84 on Wednesday. Avis Budget Group has a 1 year low of $54.03 and a 1 year high of $212.81. The company’s 50 day simple moving average is $135.73 and its 200 day simple moving average is $153.87. The stock has a market capitalization of $4.54 billion, a PE ratio of -2.15 and a beta of 2.29.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Monday, October 27th. The business services provider reported $10.11 EPS for the quarter, topping the consensus estimate of $8.11 by $2.00. The company had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.47 billion. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period last year, the company posted $6.65 EPS. As a group, sell-side analysts expect that Avis Budget Group will post 8.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avis Budget Group

Several large investors have recently made changes to their positions in CAR. Hsbc Holdings PLC lifted its holdings in shares of Avis Budget Group by 48,706.7% during the 2nd quarter. Hsbc Holdings PLC now owns 1,552,542 shares of the business services provider’s stock valued at $256,629,000 after acquiring an additional 1,549,361 shares in the last quarter. ING Groep NV raised its position in Avis Budget Group by 440.2% in the third quarter. ING Groep NV now owns 1,035,000 shares of the business services provider’s stock valued at $166,195,000 after purchasing an additional 843,400 shares during the period. CIBC Bancorp USA Inc. acquired a new position in shares of Avis Budget Group during the third quarter worth about $97,951,000. National Bank of Canada FI boosted its position in shares of Avis Budget Group by 166.7% in the second quarter. National Bank of Canada FI now owns 880,239 shares of the business services provider’s stock worth $148,804,000 after buying an additional 550,239 shares during the period. Finally, Cibc World Market Inc. purchased a new stake in shares of Avis Budget Group in the third quarter worth about $64,231,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Company Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.