Avis Budget Group, Inc. (NASDAQ:CAR – Get Rating) – Investment analysts at Jefferies Financial Group boosted their FY2022 earnings estimates for shares of Avis Budget Group in a research note issued to investors on Tuesday, August 2nd. Jefferies Financial Group analyst H. Mazari now anticipates that the business services provider will post earnings per share of $45.50 for the year, up from their previous forecast of $34.85. The consensus estimate for Avis Budget Group’s current full-year earnings is $38.87 per share. Jefferies Financial Group also issued estimates for Avis Budget Group’s FY2023 earnings at $22.08 EPS and FY2024 earnings at $25.43 EPS.
Several other equities analysts also recently weighed in on the stock. Morgan Stanley increased their price target on shares of Avis Budget Group from $140.00 to $150.00 and gave the stock an “underweight” rating in a report on Thursday. Barclays dropped their price objective on shares of Avis Budget Group from $223.00 to $158.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 5th. StockNews.com cut shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Avis Budget Group from $184.00 to $229.00 in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat, Avis Budget Group currently has a consensus rating of “Hold” and an average price target of $193.40.
Avis Budget Group Trading Up 3.7 %
Avis Budget Group (NASDAQ:CAR – Get Rating) last announced its quarterly earnings data on Monday, August 1st. The business services provider reported $15.94 EPS for the quarter, beating the consensus estimate of $11.48 by $4.46. Avis Budget Group had a net margin of 21.02% and a negative return on equity of 477.68%. The firm had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.14 billion. During the same period last year, the firm posted $5.90 EPS. Avis Budget Group’s revenue was up 36.8% on a year-over-year basis.
Hedge Funds Weigh In On Avis Budget Group
A number of hedge funds have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System boosted its position in shares of Avis Budget Group by 150.2% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 36,580 shares of the business services provider’s stock worth $5,380,000 after purchasing an additional 21,960 shares during the period. M&T Bank Corp acquired a new stake in Avis Budget Group during the 2nd quarter worth approximately $207,000. Illinois Municipal Retirement Fund lifted its holdings in Avis Budget Group by 69.7% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 3,573 shares of the business services provider’s stock worth $526,000 after buying an additional 1,468 shares in the last quarter. Cullen Frost Bankers Inc. lifted its holdings in Avis Budget Group by 20.9% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 2,892 shares of the business services provider’s stock worth $425,000 after buying an additional 500 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in Avis Budget Group by 50.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 4,595 shares of the business services provider’s stock worth $676,000 after buying an additional 1,545 shares in the last quarter.
Insider Buying and Selling at Avis Budget Group
In related news, Chairman Bernardo Hees purchased 28,334 shares of Avis Budget Group stock in a transaction dated Tuesday, May 24th. The shares were acquired at an average price of $172.78 per share, for a total transaction of $4,895,548.52. Following the acquisition, the chairman now directly owns 450,476 shares in the company, valued at $77,833,243.28. The purchase was disclosed in a filing with the SEC, which is available through this link. In related news, Chairman Bernardo Hees acquired 28,334 shares of the firm’s stock in a transaction dated Tuesday, May 24th. The shares were purchased at an average cost of $172.78 per share, for a total transaction of $4,895,548.52. Following the acquisition, the chairman now owns 450,476 shares in the company, valued at approximately $77,833,243.28. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Glenn Lurie sold 1,474 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $178.94, for a total transaction of $263,757.56. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 83,734 shares of company stock worth $14,792,435. Corporate insiders own 37.30% of the company’s stock.
About Avis Budget Group
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated and 385 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.
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