Avis Budget Group, Inc. (NASDAQ:CAR) Receives $124.71 Consensus PT from Brokerages

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) have earned a consensus rating of “Reduce” from the nine brokerages that are covering the company, Marketbeat reports. Four equities research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $124.7143.

CAR has been the topic of several recent research reports. Zacks Research downgraded Avis Budget Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, January 21st. The Goldman Sachs Group set a $85.00 target price on Avis Budget Group in a report on Monday, February 23rd. Wall Street Zen downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Finally, Morgan Stanley lowered their price target on Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating for the company in a research report on Friday, March 6th.

Insider Transactions at Avis Budget Group

In other news, Director Lynn Krominga sold 1,950 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $91.54, for a total transaction of $178,503.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Pentwater Capital Management L purchased 425,000 shares of Avis Budget Group stock in a transaction that occurred on Friday, February 20th. The shares were purchased at an average cost of $94.26 per share, with a total value of $40,060,500.00. Following the transaction, the insider directly owned 3,987,100 shares of the company’s stock, valued at $375,824,046. This represents a 11.93% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 52.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Avis Budget Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd increased its holdings in shares of Avis Budget Group by 1,845.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock worth $27,000 after purchasing an additional 203 shares in the last quarter. Quarry LP purchased a new position in shares of Avis Budget Group in the fourth quarter worth $27,000. Deseret Mutual Benefit Administrators lifted its holdings in shares of Avis Budget Group by 102.3% during the third quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 88 shares in the last quarter. Basepoint Wealth LLC bought a new position in shares of Avis Budget Group during the fourth quarter valued at $32,000. Finally, Hantz Financial Services Inc. boosted its position in shares of Avis Budget Group by 136.4% during the third quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider’s stock valued at $41,000 after buying an additional 146 shares during the last quarter. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Price Performance

NASDAQ:CAR opened at $99.91 on Monday. The firm has a market capitalization of $3.52 billion, a P/E ratio of -3.94 and a beta of 2.32. Avis Budget Group has a one year low of $55.94 and a one year high of $212.81. The company’s 50-day simple moving average is $110.21 and its 200 day simple moving average is $131.33.

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.