Avis Budget Group (NASDAQ:CAR) Downgraded to “Hold” Rating by Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft cut shares of Avis Budget Group (NASDAQ:CAR) from a buy rating to a hold rating in a research note released on Monday, Marketbeat.com reports. Deutsche Bank Aktiengesellschaft currently has $128.00 price objective on the business services provider’s stock.

A number of other brokerages have also recently issued reports on CAR. Barclays reduced their target price on Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, February 26th. Wall Street Zen cut Avis Budget Group from a “hold” rating to a “sell” rating in a report 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. Morgan Stanley cut their price objective 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. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. Five analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $115.00.

Avis Budget Group Stock Up 11.6%

Avis Budget Group stock opened at $212.60 on Monday. Avis Budget Group has a 12-month low of $62.17 and a 12-month high of $214.84. The stock has a market cap of $7.50 billion, a price-to-earnings ratio of -8.37 and a beta of 1.94. The business’s 50-day simple moving average is $116.57 and its 200 day simple moving average is $130.71.

Insider Activity

In other Avis Budget Group news, major shareholder Pentwater Capital Management L acquired 425,000 shares of the business’s stock in a transaction dated Friday, February 20th. The shares were acquired at an average price of $94.26 per share, for a total transaction of $40,060,500.00. Following the acquisition, the insider directly 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 position. The acquisition was disclosed in a document filed with the SEC, which can be accessed 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. The disclosure for this sale is available in the SEC filing. Insiders own 52.80% of the company’s stock.

Institutional Investors Weigh In On Avis Budget Group

Several institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its stake in Avis Budget Group by 19.6% in the 2nd 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. lifted its stake 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 valued at $58,000 after acquiring an additional 76 shares in the last quarter. Deseret Mutual Benefit Administrators lifted 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 valued at $28,000 after acquiring an additional 88 shares in the last quarter. Wedmont Private Capital lifted its stake in Avis Budget Group by 6.1% in the 3rd quarter. Wedmont Private Capital now owns 1,624 shares of the business services provider’s stock valued at $242,000 after acquiring an additional 93 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in Avis Budget Group by 7.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,460 shares of the business services provider’s stock valued at $234,000 after acquiring an additional 106 shares in the last quarter. 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.