Analysts Set Avis Budget Group, Inc. (NASDAQ:CAR) Price Target at $131.50

Avis Budget Group, Inc. (NASDAQ:CAR) has been given a consensus recommendation of “Reduce” by the ten research firms that are currently covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a sell recommendation and six have issued a hold recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $131.50.

Several research firms recently commented on CAR. Zacks Research raised Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Avis Budget Group in a report on Wednesday, May 20th. Susquehanna raised their target price on Avis Budget Group from $105.00 to $140.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Wall Street Zen upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Avis Budget Group from $155.00 to $170.00 and gave the company an “underweight” rating in a research report on Tuesday, June 23rd.

Insider Activity

In other news, EVP Ravi Simhambhatla sold 3,469 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were 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 owned 13,876 shares of the company’s stock, valued at $2,554,432.84. This represents a 20.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Edward P. Linnen sold 9,483 shares of the firm’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 sale, the executive vice president owned 37,932 shares of the company’s stock, valued at $6,915,762.24. This represents a 20.00% decrease in their position. The disclosure for this sale is available in the SEC filing. 50.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Avis Budget Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its stake in shares of Avis Budget Group by 414.0% in the 1st quarter. Royal Bank of Canada now owns 17,860 shares of the business services provider’s stock valued at $1,355,000 after purchasing an additional 14,385 shares during the last quarter. Empowered Funds LLC increased its position in shares of Avis Budget Group by 10.1% during the 1st quarter. Empowered Funds LLC now owns 3,749 shares of the business services provider’s stock worth $285,000 after purchasing an additional 343 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Avis Budget Group by 16.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,023 shares of the business services provider’s stock worth $4,935,000 after purchasing an additional 9,246 shares during the last quarter. Prudential Financial Inc. acquired a new stake in shares of Avis Budget Group during the 2nd quarter worth about $352,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Avis Budget Group by 19.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock valued at $72,000 after buying an additional 70 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Trading Down 3.2%

Shares of NASDAQ CAR opened at $159.04 on Friday. The stock has a market cap of $5.62 billion, a PE ratio of -8.35 and a beta of 1.91. Avis Budget Group has a 12-month low of $85.96 and a 12-month high of $847.70. The company has a 50-day moving average of $167.67 and a 200 day moving average of $166.24.

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