Avis Budget Group, Inc. (NASDAQ:CAR) Receives $131.50 Consensus Target Price from Analysts

Avis Budget Group, Inc. (NASDAQ:CAR) has received an average recommendation of “Reduce” from the ten ratings firms that are covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a sell recommendation and six have issued a hold recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $131.50.

CAR has been the subject of a number of analyst reports. Morgan Stanley lifted their target price on shares of Avis Budget Group from $97.00 to $99.00 and gave the company an “equal weight” rating in a report on Wednesday, May 20th. Jefferies Financial Group downgraded Avis Budget Group from a “buy” rating to a “hold” rating and upped their price target for the stock from $112.00 to $160.00 in a research note on Friday, May 1st. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $125.00 price objective on shares of Avis Budget Group in a research report on Friday, May 1st. JPMorgan Chase & Co. boosted their target price on Avis Budget Group from $155.00 to $170.00 and gave the stock an “underweight” rating in a report on Tuesday, June 23rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Avis Budget Group in a research note on Wednesday, May 20th.

Insider Activity

In related news, EVP Edward P. Linnen sold 9,483 shares of the stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $182.32, for a total transaction of $1,728,940.56. Following the sale, the executive vice president directly owned 37,932 shares of the company’s stock, valued at approximately $6,915,762.24. This represents a 20.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Ravi Simhambhatla sold 3,469 shares of Avis Budget Group stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $184.09, for a total transaction of $638,608.21. Following the completion of the transaction, the executive vice president directly owned 13,876 shares of the company’s stock, valued at $2,554,432.84. This trade represents a 20.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 50.48% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CAR. Empowered Funds LLC grew its position in Avis Budget Group by 30.8% in the 1st quarter. Empowered Funds LLC now owns 4,471 shares of the business services provider’s stock worth $652,000 after purchasing an additional 1,054 shares during the period. Parallel Advisors LLC raised its stake in Avis Budget Group by 11.6% during the 1st quarter. Parallel Advisors LLC now owns 587 shares of the business services provider’s stock valued at $86,000 after buying an additional 61 shares during the last quarter. California State Teachers Retirement System lifted its holdings in shares of Avis Budget Group by 30.8% during the 1st quarter. California State Teachers Retirement System now owns 21,481 shares of the business services provider’s stock valued at $3,133,000 after buying an additional 5,055 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Avis Budget Group by 1.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 180,400 shares of the business services provider’s stock valued at $26,311,000 after buying an additional 1,700 shares during the period. Finally, Mizuho Markets Americas LLC lifted its holdings in shares of Avis Budget Group by 7.4% during the 1st quarter. Mizuho Markets Americas LLC now owns 400,000 shares of the business services provider’s stock valued at $58,340,000 after buying an additional 27,500 shares during the period. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Price Performance

NASDAQ:CAR opened at $162.24 on Friday. The firm’s 50-day moving average price is $167.16 and its 200-day moving average price is $165.77. The company has a market capitalization of $5.73 billion, a PE ratio of -8.52 and a beta of 1.91. Avis Budget Group has a 1-year low of $85.96 and a 1-year high of $847.70.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($6.82) by ($1.19). The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the business posted ($14.35) earnings per share. Avis Budget Group’s revenue for the quarter was up 4.1% compared to the same quarter last year. Equities analysts anticipate that Avis Budget Group will post 2.93 EPS for the current fiscal year.

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.