Barclays Cuts Avis Budget Group (NASDAQ:CAR) Price Target to $95.00

Avis Budget Group (NASDAQ:CAR) had its price objective trimmed by Barclays from $120.00 to $95.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the business services provider’s stock.

A number of other analysts have also commented on CAR. Morgan Stanley reaffirmed an “equal weight” rating and set a $142.00 price objective (up from $115.00) on shares of Avis Budget Group in a research note on Monday, December 8th. Wall Street Zen lowered shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. Zacks Research downgraded shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. Finally, Susquehanna decreased their target price on shares of Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 29th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Avis Budget Group has a consensus rating of “Reduce” and an average price target of $131.14.

Avis Budget Group Price Performance

Shares of NASDAQ:CAR opened at $97.41 on Thursday. Avis Budget Group has a 1-year low of $54.03 and a 1-year high of $212.81. The stock has a market cap of $3.43 billion, a P/E ratio of -3.84 and a beta of 2.33. The firm has a fifty day moving average price of $119.47 and a 200 day moving average price of $137.18.

Insider Activity

In other news, Director Lynn Krominga sold 1,950 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $91.54, for a total transaction of $178,503.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Pentwater Capital Management L purchased 425,000 shares of the firm’s stock in a transaction dated Friday, February 20th. The stock was acquired at an average cost of $94.26 per share, with a total value of $40,060,500.00. Following the purchase, the insider owned 3,987,100 shares of the company’s stock, valued at approximately $375,824,046. This represents a 11.93% increase in their position. The SEC filing for this purchase provides additional information. 52.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Avis Budget Group

Hedge funds have recently modified their holdings of the stock. Hsbc Holdings PLC raised its stake 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 valued at $256,629,000 after purchasing an additional 1,549,361 shares during the period. ING Groep NV grew its holdings in shares of Avis Budget Group by 440.2% during 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 buying an additional 843,400 shares in the last quarter. UBS Group AG grew its holdings in shares of Avis Budget Group by 37.3% during the fourth quarter. UBS Group AG now owns 2,964,807 shares of the business services provider’s stock valued at $380,444,000 after buying an additional 804,814 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new position in Avis Budget Group during the third quarter valued at $97,951,000. Finally, National Bank of Canada FI lifted its stake in Avis Budget Group by 166.7% in the 2nd quarter. National Bank of Canada FI now owns 880,239 shares of the business services provider’s stock worth $148,804,000 after acquiring an additional 550,239 shares in the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

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.