Avis Budget Group, Inc. (NASDAQ:CAR) Receives Consensus Recommendation of “Reduce” from Analysts

Avis Budget Group, Inc. (NASDAQ:CAR) has been assigned an average rating of “Reduce” from the ten research firms that are currently covering the firm, Marketbeat reports. Five analysts have rated the stock with a sell rating and five have issued a hold rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $125.25.

Several analysts have issued reports on CAR shares. Barclays cut their price objective on Avis Budget Group from $150.00 to $140.00 and set an “underweight” rating on the stock in a report on Tuesday, May 5th. Morgan Stanley boosted their price objective on Avis Budget Group from $97.00 to $99.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Avis Budget Group in a report on Wednesday, May 20th. Wall Street Zen upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Jefferies Financial Group downgraded shares of Avis Budget Group from a “buy” rating to a “hold” rating and upped their price target for the company from $112.00 to $160.00 in a research report on Friday, May 1st.

Avis Budget Group Stock Up 0.5%

Shares of NASDAQ CAR opened at $175.84 on Friday. The stock has a market capitalization of $6.21 billion, a price-to-earnings ratio of -9.23 and a beta of 1.91. The stock’s fifty day simple moving average is $220.90 and its 200 day simple moving average is $155.96. Avis Budget Group has a 52-week low of $85.96 and a 52-week high of $847.70.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($6.82) by ($1.19). The company had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.43 billion. The firm’s revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the firm earned ($14.35) EPS. As a group, analysts anticipate that Avis Budget Group will post 2.93 earnings per share for the current year.

Insider Activity at Avis Budget Group

In other news, EVP Edward P. Linnen sold 9,483 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $182.32, for a total value of $1,728,940.56. Following the completion of the sale, the executive vice president owned 37,932 shares of the company’s stock, valued at $6,915,762.24. This trade represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Ravi Simhambhatla sold 3,469 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $184.09, for a total value of $638,608.21. Following the completion of the sale, the executive vice president directly owned 13,876 shares of the company’s stock, valued at approximately $2,554,432.84. This trade represents a 20.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 16,299 shares of company stock worth $3,836,012. 50.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Avis Budget Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC grew its stake in Avis Budget Group by 19.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock valued at $72,000 after acquiring an additional 70 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Avis Budget Group by 26.5% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock valued at $58,000 after buying an additional 76 shares during the period. Oregon Public Employees Retirement Fund increased its stake in Avis Budget Group by 3.0% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 3,474 shares of the business services provider’s stock valued at $507,000 after buying an additional 100 shares during the period. State of Michigan Retirement System increased its stake in Avis Budget Group by 2.5% in the 1st quarter. State of Michigan Retirement System now owns 4,073 shares of the business services provider’s stock valued at $594,000 after buying an additional 100 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in Avis Budget Group by 7.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,460 shares of the business services provider’s stock valued at $234,000 after buying an additional 106 shares during the period. Hedge funds and other institutional investors 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.