Several other equities research analysts have also recently commented on CAR. Zacks Investment Research cut Avis Budget Group from a hold rating to a sell rating in a report on Monday, July 11th. Morgan Stanley reissued a sell rating and set a $20.00 target price on shares of Avis Budget Group in a research note on Wednesday, August 3rd. Deutsche Bank AG raised their target price on Avis Budget Group from $44.00 to $45.00 and gave the stock a buy rating in a research note on Thursday, August 4th. Macquarie initiated coverage on Avis Budget Group in a research note on Thursday, August 25th. They set an outperform rating and a $44.00 target price for the company. Finally, Credit Suisse Group AG reissued a buy rating and set a $34.00 target price on shares of Avis Budget Group in a research note on Wednesday, August 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $35.58.
Shares of Avis Budget Group (NASDAQ:CAR) opened at 34.21 on Wednesday. The stock has a market capitalization of $3.11 billion, a PE ratio of 20.67 and a beta of 2.54. The company’s 50 day moving average price is $36.38 and its 200-day moving average price is $31.55. Avis Budget Group has a 52 week low of $21.73 and a 52 week high of $53.04.
Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.63 EPS for the quarter, missing the 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 company earned $2.24 billion during the quarter, compared to analyst estimates of $2.21 billion. During the same period in the prior year, the business posted $0.84 EPS. Avis Budget Group’s revenue for the quarter was up 3.2% compared to the same quarter last year. Equities research analysts predict that Avis Budget Group will post $3.04 EPS for the current year.
In related news, Director John D. Jr. Hardy sold 738 shares of Avis Budget Group stock in a transaction on Monday, August 8th. The stock was sold at an average price of $38.39, for a total value of $28,331.82. Following the completion of the transaction, the director now directly owns 738 shares in the company, valued at $28,331.82. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Ronald L. Nelson sold 50,000 shares of Avis Budget Group stock in a transaction on Monday, September 19th. The shares were sold at an average price of $38.00, for a total value of $1,900,000.00. Following the completion of the transaction, the insider now owns 893,949 shares of the company’s stock, valued at $33,970,062. The disclosure for this sale can be found here. 2.80% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Aperio Group LLC raised its position in Avis Budget Group by 59.1% in the first quarter. Aperio Group LLC now owns 18,253 shares of the company’s stock worth $499,000 after buying an additional 6,783 shares during the period. Prudential Financial Inc. increased its stake in shares of Avis Budget Group by 3.7% in the first quarter. Prudential Financial Inc. now owns 15,759 shares of the company’s stock worth $432,000 after buying an additional 563 shares during the period. Franklin Resources Inc. increased its stake in shares of Avis Budget Group by 66.1% in the first quarter. Franklin Resources Inc. now owns 90,589 shares of the company’s stock worth $2,479,000 after buying an additional 36,044 shares during the period. BlackRock Inc. increased its stake in shares of Avis Budget Group by 309.9% in the first quarter. BlackRock Inc. now owns 22,366 shares of the company’s stock worth $611,000 after buying an additional 16,910 shares during the period. Finally, BlackRock Group LTD increased its stake in shares of Avis Budget Group by 21.0% in the first quarter. BlackRock Group LTD now owns 103,411 shares of the company’s stock worth $2,829,000 after buying an additional 17,968 shares during the period.
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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