Avis Budget Group, Inc. (NASDAQ:CAR) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, August 7th.
CAR has been the topic of a number of other research reports. Morgan Stanley cut their price target on shares of Avis Budget Group from $23.00 to $19.00 and set an “underweight” rating on the stock in a report on Monday, May 8th. BidaskClub upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Deutsche Bank AG reiterated a “buy” rating on shares of Avis Budget Group in a report on Monday, June 26th. MKM Partners reiterated a “buy” rating and set a $40.00 price target on shares of Avis Budget Group in a report on Wednesday, June 28th. Finally, Credit Suisse Group cut their price target on shares of Avis Budget Group from $38.00 to $27.00 and set a “neutral” rating on the stock in a report on Monday, May 15th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $36.40.
Shares of Avis Budget Group (CAR) traded down 2.51% on Monday, reaching $32.27. The company had a trading volume of 2,391,337 shares. The company’s 50-day moving average is $31.46 and its 200-day moving average is $29.61. The company has a market capitalization of $2.67 billion, a PE ratio of 38.01 and a beta of 2.49. Avis Budget Group has a one year low of $20.71 and a one year high of $41.53.
Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Monday, August 7th. The business services provider reported $0.30 EPS for the quarter, missing the Zacks’ consensus estimate of $0.62 by $0.32. Avis Budget Group had a net margin of 0.86% and a return on equity of 74.80%. The firm had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the previous year, the company earned $0.63 EPS. The company’s quarterly revenue was down .2% compared to the same quarter last year. Equities research analysts predict that Avis Budget Group will post $2.54 earnings per share for the current year.
In related news, Director John D. Jr. Hardy sold 908 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $32.78, for a total value of $29,764.24. Following the sale, the director now owns 908 shares in the company, valued at $29,764.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAR. Russell Investments Group Ltd. acquired a new position in Avis Budget Group during the fourth quarter valued at $503,000. Bank of Montreal Can increased its position in Avis Budget Group by 17,945.7% in the first quarter. Bank of Montreal Can now owns 1,022,833 shares of the business services provider’s stock valued at $30,256,000 after buying an additional 1,017,165 shares during the last quarter. Capstone Asset Management Co. increased its position in Avis Budget Group by 0.9% in the first quarter. Capstone Asset Management Co. now owns 11,155 shares of the business services provider’s stock valued at $330,000 after buying an additional 100 shares during the last quarter. James Investment Research Inc. acquired a new position in Avis Budget Group during the first quarter valued at $113,000. Finally, First Manhattan Co. increased its position in Avis Budget Group by 2.1% in the first quarter. First Manhattan Co. now owns 308,060 shares of the business services provider’s stock valued at $10,538,000 after buying an additional 6,470 shares during the last quarter.
About Avis Budget Group
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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