Avis Budget Group (NASDAQ:CAR) Given New $157.00 Price Target at JPMorgan Chase & Co.

Avis Budget Group (NASDAQ:CAR) had its target price upped by JPMorgan Chase & Co. from $155.00 to $157.00 in a report published on Monday morning,Benzinga reports. They currently have a neutral rating on the business services provider’s stock.

Other equities research analysts also recently issued research reports about the stock. Zacks Research raised shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 21st. Bank of America restated an “underperform” rating and issued a $113.00 price target (down from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, October 8th. The Goldman Sachs Group reissued a “sell” rating and issued a $105.00 target price (up previously from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. Finally, Susquehanna dropped their target price on Avis Budget Group from $150.00 to $145.00 and set a “neutral” rating on the stock in a research report on Thursday, October 9th. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Avis Budget Group presently has an average rating of “Reduce” and an average price target of $144.33.

Avis Budget Group Stock Performance

NASDAQ CAR opened at $149.11 on Monday. Avis Budget Group has a one year low of $54.03 and a one year high of $212.81. The stock has a 50-day moving average of $155.54 and a 200 day moving average of $140.56. The company has a market capitalization of $5.25 billion, a price-to-earnings ratio of -2.36 and a beta of 2.03.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.02 by ($1.92). The firm had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.02 billion. During the same quarter in the previous year, the firm posted $0.41 earnings per share. The firm’s revenue was down .3% on a year-over-year basis. On average, equities analysts predict that Avis Budget Group will post 8.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Edward P. Linnen sold 10,000 shares of the company’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $156.83, for a total value of $1,568,300.00. Following the completion of the transaction, the executive vice president owned 40,915 shares of the company’s stock, valued at approximately $6,416,699.45. This represents a 19.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Bernardo Hees sold 402,200 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $156.59, for a total value of $62,980,498.00. Following the completion of the sale, the director owned 116,521 shares of the company’s stock, valued at $18,246,023.39. The trade was a 77.54% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 52.80% of the company’s stock.

Hedge Funds Weigh In On Avis Budget Group

A number of hedge funds have recently made changes to their positions in the business. Fifth Third Bancorp raised its stake in Avis Budget Group by 32.6% during the 2nd quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock valued at $39,000 after purchasing an additional 56 shares during the period. Caitong International Asset Management Co. Ltd grew its holdings in Avis Budget Group by 421.1% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider’s stock valued at $64,000 after buying an additional 678 shares in the last quarter. Quarry LP raised its position in shares of Avis Budget Group by 399.5% during the first quarter. Quarry LP now owns 909 shares of the business services provider’s stock valued at $69,000 after buying an additional 727 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Avis Budget Group by 19.6% during the second 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 last quarter. Finally, Allworth Financial LP lifted its holdings in shares of Avis Budget Group by 125.7% in the second quarter. Allworth Financial LP now owns 474 shares of the business services provider’s stock worth $80,000 after buying an additional 264 shares in the last quarter. Institutional investors own 96.35% of the company’s stock.

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.