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

Avis Budget Group, Inc. (NASDAQ:CAR) has been assigned an average recommendation of “Reduce” from the nine research firms that are presently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $137.5714.

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. upped their target price on Avis Budget Group from $155.00 to $157.00 and gave the company a “neutral” rating in a research note on Monday, October 20th. Weiss Ratings reissued a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, October 8th. Morgan Stanley restated an “equal weight” rating and issued a $142.00 price objective (up from $115.00) on shares of Avis Budget Group in a research report on Monday, December 8th. Susquehanna decreased their price objective on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 29th. Finally, Barclays dropped their price objective on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company in a research report on Monday, November 3rd.

Avis Budget Group Trading Down 0.7%

Shares of NASDAQ CAR opened at $128.84 on Wednesday. The company’s 50-day moving average price is $135.73 and its 200 day moving average price is $153.87. Avis Budget Group has a 52 week low of $54.03 and a 52 week high of $212.81. The stock has a market cap of $4.54 billion, a price-to-earnings ratio of -2.15 and a beta of 2.29.

Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Monday, October 27th. The business services provider reported $10.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.11 by $2.00. The business had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.47 billion. The business’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.65 EPS. As a group, research analysts expect that Avis Budget Group will post 8.91 earnings per share for the current year.

Hedge Funds Weigh In On Avis Budget Group

Institutional investors and hedge funds have recently modified their holdings of the company. Deseret Mutual Benefit Administrators grew its stake in Avis Budget Group by 102.3% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock worth $28,000 after acquiring an additional 88 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Avis Budget Group by 32.6% during the second quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock worth $39,000 after purchasing an additional 56 shares during the last quarter. Hantz Financial Services Inc. grew its position in shares of Avis Budget Group by 136.4% in the third quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider’s stock valued at $41,000 after purchasing an additional 146 shares during the period. American Wealth Advisors LLC acquired a new position in Avis Budget Group in the third quarter valued at $41,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Avis Budget Group by 26.5% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock worth $58,000 after buying an additional 76 shares during the period. Hedge funds and other institutional investors own 96.35% of the company’s stock.

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.