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

Avis Budget Group (NASDAQ:CAR) had its price objective lowered by Morgan Stanley from $142.00 to $97.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the business services provider’s stock. Morgan Stanley’s price target would suggest a potential downside of 0.52% from the stock’s previous close.

A number of other equities research analysts have also weighed in on CAR. Zacks Research lowered shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. Barclays cut their target price on Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 26th. The Goldman Sachs Group set a $85.00 price target on Avis Budget Group in a research report on Monday, February 23rd. Wall Street Zen lowered Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $124.71.

Avis Budget Group Stock Up 0.5%

CAR opened at $97.51 on Friday. Avis Budget Group has a 52-week low of $54.03 and a 52-week high of $212.81. The company has a market cap of $3.44 billion, a P/E ratio of -3.84 and a beta of 2.32. The firm’s 50-day moving average price is $116.03 and its 200-day moving average price is $135.03.

Insider Buying and Selling at Avis Budget Group

In related news, major shareholder Pentwater Capital Management L purchased 425,000 shares of the business’s stock in a transaction on Friday, February 20th. The shares were bought at an average cost of $94.26 per share, with a total value of $40,060,500.00. Following the transaction, the insider owned 3,987,100 shares of the company’s stock, valued at approximately $375,824,046. This trade represents a 11.93% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lynn Krominga sold 1,950 shares of Avis Budget Group stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $91.54, for a total value of $178,503.00. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 52.80% of the company’s stock.

Institutional Trading of Avis Budget Group

Hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC raised its position in 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 acquiring an additional 70 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Avis Budget Group by 26.5% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock worth $58,000 after purchasing an additional 76 shares in the last quarter. Deseret Mutual Benefit Administrators grew its stake 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 worth $28,000 after purchasing an additional 88 shares during the period. Wedmont Private Capital increased its holdings in shares of Avis Budget Group by 6.1% during the 3rd quarter. Wedmont Private Capital now owns 1,624 shares of the business services provider’s stock valued at $242,000 after purchasing an additional 93 shares in the last quarter. Finally, State of Michigan Retirement System increased its holdings in shares of Avis Budget Group by 2.5% during the 2nd quarter. State of Michigan Retirement System now owns 4,073 shares of the business services provider’s stock valued at $689,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other 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.