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

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) have been given an average recommendation of “Reduce” by the ten analysts that are presently covering the stock, MarketBeat reports. Four analysts have rated the stock with a sell rating and six have issued a hold rating on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $131.50.

Several brokerages have recently issued reports on CAR. Barclays set a $160.00 price objective on Avis Budget Group and gave the company an “equal weight” rating in a research note on Monday, June 8th. JPMorgan Chase & Co. lifted their price objective on Avis Budget Group from $155.00 to $170.00 and gave the company an “underweight” rating in a research note on Tuesday. Wall Street Zen upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Jefferies Financial Group cut Avis Budget Group from a “buy” rating to a “hold” rating and lifted their price objective for the company from $112.00 to $160.00 in a research note on Friday, May 1st. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $125.00 price objective on shares of Avis Budget Group in a research note on Friday, May 1st.

Avis Budget Group Stock Performance

Shares of CAR opened at $190.46 on Wednesday. The stock has a 50-day simple moving average of $223.07 and a 200-day simple moving average of $161.87. The stock has a market capitalization of $6.73 billion, a PE ratio of -10.00 and a beta of 1.87. Avis Budget Group has a 1 year low of $85.96 and a 1 year high of $847.70.

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

Insider Buying and Selling

In related news, EVP Edward P. Linnen sold 9,483 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $182.32, for a total transaction of $1,728,940.56. Following the completion of the sale, the executive vice president owned 37,932 shares in the company, valued at $6,915,762.24. The trade was a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Pentwater Capital Management L sold 3,347 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $438.74, for a total value of $1,468,462.78. Following the sale, the insider owned 6,177,100 shares of the company’s stock, valued at approximately $2,710,140,854. The trade was a 0.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 16,299 shares of company stock worth $3,836,012 over the last 90 days. 50.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Avis Budget Group

Several institutional investors have recently added to or reduced their stakes in CAR. Caitong International Asset Management Co. Ltd lifted its stake in Avis Budget Group by 1,845.5% during the fourth 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 during the last quarter. Quarry LP purchased a new stake in Avis Budget Group during the fourth quarter worth approximately $27,000. Basepoint Wealth LLC purchased a new stake in Avis Budget Group during the fourth quarter worth approximately $32,000. American Wealth Advisors LLC purchased a new stake in Avis Budget Group during the third quarter worth approximately $41,000. Finally, Hollencrest Capital Management purchased a new stake in Avis Budget Group during the first quarter worth approximately $44,000. 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.