Barclays Issues Pessimistic Forecast for Avis Budget Group (NASDAQ:CAR) Stock Price

Avis Budget Group (NASDAQ:CAR) had its price target lowered by research analysts at Barclays from $120.00 to $95.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the business services provider’s stock. Barclays‘s price target indicates a potential downside of 2.47% from the company’s current price.

A number of other brokerages have also recently issued reports on CAR. Wall Street Zen cut Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. The Goldman Sachs Group set a $85.00 price target on shares of Avis Budget Group in a research report on Monday. Susquehanna dropped their price target on shares of 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. Morgan Stanley reaffirmed an “equal weight” rating and issued a $142.00 price objective (up from $115.00) on shares of Avis Budget Group in a report on Monday, December 8th. Finally, Zacks Research cut shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $131.14.

Avis Budget Group Price Performance

Shares of Avis Budget Group stock opened at $97.41 on Thursday. The firm has a market cap of $3.43 billion, a PE ratio of -3.84 and a beta of 2.33. Avis Budget Group has a 1 year low of $54.03 and a 1 year high of $212.81. The stock has a fifty day moving average price of $119.47 and a 200-day moving average price of $137.34.

Insider Activity at Avis Budget Group

In other Avis Budget Group news, Director Lynn Krominga sold 1,950 shares of the firm’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $91.54, for a total value of $178,503.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Pentwater Capital Management L purchased 425,000 shares of Avis Budget Group stock in a transaction dated Friday, February 20th. The shares were purchased at an average price of $94.26 per share, with a total value of $40,060,500.00. Following the completion of the transaction, the insider directly owned 3,987,100 shares in the company, valued at approximately $375,824,046. This represents a 11.93% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 52.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avis Budget Group

Several large investors have recently added to or reduced their stakes in CAR. Quarry LP purchased a new position in Avis Budget Group during the fourth quarter worth about $27,000. Deseret Mutual Benefit Administrators boosted its position in shares of Avis Budget Group by 102.3% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 88 shares during the last quarter. Basepoint Wealth LLC purchased a new position in shares of Avis Budget Group during the fourth quarter worth about $32,000. Hantz Financial Services Inc. increased 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 worth $41,000 after purchasing an additional 146 shares during the last quarter. Finally, American Wealth Advisors LLC bought a new position in shares of Avis Budget Group in the third quarter worth approximately $41,000. 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.