Avis Budget Group (NASDAQ:CAR) Stock Price Expected to Rise, Barclays Analyst Says

Avis Budget Group (NASDAQ:CAR) had its target price hoisted by investment analysts at Barclays from $105.00 to $150.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the business services provider’s stock. Barclays‘s price target points to a potential downside of 5.78% from the stock’s previous close.

CAR has been the topic of a number of other reports. The Goldman Sachs Group restated a “sell” rating and issued a $105.00 target price (up from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. JPMorgan Chase & Co. restated a “neutral” rating and issued a $155.00 target price on shares of Avis Budget Group in a report on Thursday, July 31st. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $196.00 target price (up from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. Finally, Wall Street Zen upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a report on Saturday, May 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $140.20.

Avis Budget Group Stock Down 0.8%

NASDAQ:CAR opened at $159.21 on Monday. Avis Budget Group has a fifty-two week low of $54.03 and a fifty-two week high of $212.81. The stock has a market cap of $5.60 billion, a PE ratio of -2.52 and a beta of 2.19. The firm’s fifty day simple moving average is $161.77 and its 200-day simple moving average is $111.51.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $2.02 by ($1.92). Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%. The company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.02 billion. During the same period last year, the company earned $0.41 earnings per share. The business’s revenue for the quarter was down .3% compared to the same quarter last year. Equities analysts anticipate that Avis Budget Group will post 8.91 earnings per share for the current year.

Hedge Funds Weigh In On Avis Budget Group

Several institutional investors and hedge funds have recently made changes to their positions in CAR. Norges Bank acquired a new position in Avis Budget Group in the fourth quarter worth $11,234,000. Quadrant Capital Group LLC lifted its stake in Avis Budget Group by 41.0% in the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider’s stock valued at $55,000 after buying an additional 198 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Avis Budget Group in the fourth quarter valued at $25,000. Federated Hermes Inc. lifted its stake in Avis Budget Group by 6,220.8% in the fourth quarter. Federated Hermes Inc. now owns 3,034 shares of the business services provider’s stock valued at $245,000 after buying an additional 2,986 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Avis Budget Group by 9.1% in the fourth quarter. Invesco Ltd. now owns 148,972 shares of the business services provider’s stock valued at $12,009,000 after buying an additional 12,440 shares during the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.