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

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

CAR has been the topic of several recent research reports. Zacks Research raised Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. JPMorgan Chase & Co. upped their target price on Avis Budget Group from $155.00 to $157.00 and gave the stock a “neutral” rating in a report on Monday, October 20th. Morgan Stanley reissued an “equal weight” rating and set a $142.00 price target (up from $115.00) on shares of Avis Budget Group in a research note on Monday, December 8th. Susquehanna reduced their price target on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating on the stock in a report on Wednesday, October 29th. Finally, Barclays lowered their price objective on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company in a research note on Monday, November 3rd.

Hedge Funds Weigh In On Avis Budget Group

Large investors have recently modified their holdings of the business. UBS Group AG lifted its holdings in shares of Avis Budget Group by 10.7% during the third quarter. UBS Group AG now owns 2,159,993 shares of the business services provider’s stock worth $346,841,000 after purchasing an additional 208,820 shares during the period. Hsbc Holdings PLC raised its position in 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 worth $256,629,000 after purchasing an additional 1,549,361 shares during the last quarter. National Bank of Canada FI lifted its holdings in Avis Budget Group by 46.6% during the 3rd quarter. National Bank of Canada FI now owns 1,290,000 shares of the business services provider’s stock worth $207,142,000 after buying an additional 409,761 shares during the period. ING Groep NV grew its position in shares of Avis Budget Group by 440.2% in the 3rd quarter. ING Groep NV now owns 1,035,000 shares of the business services provider’s stock valued at $166,195,000 after buying an additional 843,400 shares during the last quarter. Finally, State Street Corp grew its position in shares of Avis Budget Group by 1.0% in the 2nd quarter. State Street Corp now owns 713,127 shares of the business services provider’s stock valued at $120,554,000 after buying an additional 7,318 shares during the last quarter. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Price Performance

CAR stock opened at $121.68 on Friday. The stock has a market cap of $4.28 billion, a price-to-earnings ratio of -2.03 and a beta of 2.31. The company has a 50 day simple moving average of $129.77 and a 200 day simple moving average of $149.54. Avis Budget Group has a 1 year low of $54.03 and a 1 year high of $212.81.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Monday, October 27th. The business services provider reported $10.11 earnings per share for the quarter, beating analysts’ consensus estimates of $8.11 by $2.00. The company had revenue of $3.52 billion during the quarter, compared to analyst estimates of $3.47 billion. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $6.65 EPS. On average, equities research analysts anticipate that Avis Budget Group will post 8.91 EPS for the current fiscal year.

About Avis Budget Group

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.