Avis Budget Group, Inc. (NASDAQ:CAR) Receives $124.71 Average Target Price from Brokerages

Avis Budget Group, Inc. (NASDAQ:CAR) has received a consensus rating of “Reduce” from the nine analysts that are covering the stock, MarketBeat reports. Four analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $124.7143.

A number of research firms recently commented on CAR. Zacks Research lowered shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. Wall Street Zen downgraded shares of 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 target price on Avis Budget Group in a report on Monday, February 23rd. Barclays decreased their target price on Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, February 26th. Finally, Morgan Stanley lowered their price target on Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating on the stock in a report on Friday, March 6th.

Insider Transactions at Avis Budget Group

In related news, major shareholder Pentwater Capital Management L purchased 425,000 shares of Avis Budget Group stock in a transaction dated Friday, February 20th. The stock was acquired at an average cost 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 of the company’s stock, valued at $375,824,046. This trade represents a 11.93% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lynn Krominga sold 1,950 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $91.54, for a total transaction of $178,503.00. The SEC filing for this sale provides additional information. Company insiders own 52.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CAR. EverSource Wealth Advisors LLC boosted its stake in shares of Avis Budget Group by 19.6% during the 2nd 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 period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Avis Budget Group by 26.5% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock worth $58,000 after acquiring an additional 76 shares during the last quarter. Deseret Mutual Benefit Administrators raised its holdings in shares of Avis Budget Group by 102.3% during the third 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 in the last quarter. Wedmont Private Capital raised its holdings in shares of Avis Budget Group by 6.1% during the third quarter. Wedmont Private Capital now owns 1,624 shares of the business services provider’s stock worth $242,000 after acquiring an additional 93 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in Avis Budget Group by 7.8% during the third quarter. PNC Financial Services Group Inc. now owns 1,460 shares of the business services provider’s stock valued at $234,000 after purchasing an additional 106 shares during the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Price Performance

Shares of CAR opened at $101.52 on Monday. The company has a 50-day moving average of $111.33 and a two-hundred day moving average of $131.96. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of -4.00 and a beta of 2.32. Avis Budget Group has a one year low of $55.61 and a one year high of $212.81.

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.