Avis Budget Group Inc. (NASDAQ:CAR) had its price target increased by equities research analysts at Barclays PLC from $33.00 to $37.00 in a research note issued to investors on Tuesday. The brokerage presently has an “equal weight” rating on the stock. Barclays PLC’s price objective would suggest a potential downside of 4.96% from the stock’s previous close.
Other equities analysts have also issued research reports about the stock. Zacks Investment Research raised shares of Avis Budget Group from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research report on Friday, August 12th. Deutsche Bank AG lifted their price target on shares of Avis Budget Group from $44.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. Credit Suisse Group AG reissued a “buy” rating and issued a $34.00 price target on shares of Avis Budget Group in a research report on Wednesday, August 3rd. Macquarie initiated coverage on shares of Avis Budget Group in a research report on Thursday, August 25th. They issued an “outperform” rating and a $44.00 price target on the stock. Finally, Morgan Stanley reissued a “sell” rating and issued a $20.00 price target on shares of Avis Budget Group in a research report on Wednesday, August 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $36.48.
Shares of Avis Budget Group (NASDAQ:CAR) traded down 8.207% during mid-day trading on Tuesday, reaching $35.735. 6,956,327 shares of the company traded hands. Avis Budget Group has a 52-week low of $21.73 and a 52-week high of $53.04. The stock’s 50 day moving average is $36.77 and its 200 day moving average is $31.39. The stock has a market capitalization of $3.24 billion, a PE ratio of 21.592 and a beta of 2.63.
Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.63 EPS for the quarter, missing the Zacks’ consensus estimate of $0.69 by $0.06. Avis Budget Group had a net margin of 1.91% and a return on equity of 58.78%. The firm earned $2.24 billion during the quarter, compared to the consensus estimate of $2.21 billion. During the same period in the prior year, the business earned $0.84 EPS. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. On average, analysts anticipate that Avis Budget Group will post $3.04 earnings per share for the current year.
In other news, CFO David B. Wyshner sold 20,000 shares of the business’s stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $36.27, for a total value of $725,400.00. Following the sale, the chief financial officer now owns 158,293 shares in the company, valued at approximately $5,741,287.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael K. Tucker sold 6,656 shares of the business’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $37.65, for a total transaction of $250,598.40. Following the completion of the sale, the executive vice president now owns 60,649 shares in the company, valued at approximately $2,283,434.85. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of CAR. Bank of New York Mellon Corp increased its stake in shares of Avis Budget Group by 768.4% in the second quarter. Bank of New York Mellon Corp now owns 4,079,271 shares of the company’s stock valued at $131,475,000 after buying an additional 3,609,536 shares in the last quarter. RS Investment Management Co. LLC purchased a new stake in shares of Avis Budget Group during the second quarter valued at approximately $35,980,000. Bank of Montreal Can purchased a new stake in shares of Avis Budget Group during the second quarter valued at approximately $24,778,000. Wellington Management Group LLP purchased a new stake in shares of Avis Budget Group during the first quarter valued at approximately $19,241,000. Finally, UBS Oconnor LLC purchased a new stake in shares of Avis Budget Group during the second quarter valued at approximately $16,464,000.
Avis Budget Group Company Profile
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 is a rental car supplier and Budget is a rental vehicle supplier. It also owns Payless, which a car rental brand, and Apex, which is a car rental brand in New Zealand and Australia.
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