Avis Budget Group (NASDAQ:CAR) Trading 3.8% Higher

Shares of Avis Budget Group, Inc. (NASDAQ:CARGet Free Report) traded up 3.8% during mid-day trading on Tuesday . The stock traded as high as $113.35 and last traded at $112.28. 96,561 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 835,265 shares. The stock had previously closed at $108.12.

Analyst Ratings Changes

Several research analysts recently weighed in on CAR shares. The Goldman Sachs Group began coverage on Avis Budget Group in a research report on Thursday, December 7th. They set a “sell” rating and a $164.00 price target for the company. Deutsche Bank Aktiengesellschaft upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating and boosted their target price for the company from $234.00 to $248.00 in a research note on Thursday, January 25th. Morgan Stanley decreased their price objective on shares of Avis Budget Group from $230.00 to $190.00 and set an “overweight” rating for the company in a research report on Friday, February 23rd. StockNews.com upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Monday, February 12th. Finally, JPMorgan Chase & Co. reduced their price target on Avis Budget Group from $280.00 to $240.00 and set an “overweight” rating for the company in a report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $192.83.

Get Our Latest Research Report on CAR

Avis Budget Group Stock Up 0.8 %

The firm has a 50-day moving average price of $135.89 and a 200 day moving average price of $167.00. The firm has a market capitalization of $4.14 billion, a PE ratio of 2.74 and a beta of 2.21.

Avis Budget Group (NASDAQ:CARGet Free Report) last issued its quarterly earnings results on Tuesday, February 13th. The business services provider reported $7.10 earnings per share for the quarter, topping the consensus estimate of $4.15 by $2.95. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.81 billion. Avis Budget Group had a negative return on equity of 696.69% and a net margin of 13.59%. Avis Budget Group’s revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the business earned $10.46 EPS. Equities research analysts expect that Avis Budget Group, Inc. will post 15.7 earnings per share for the current year.

Institutional Investors Weigh In On Avis Budget Group

Several hedge funds have recently made changes to their positions in CAR. BlackRock Inc. lifted its stake in shares of Avis Budget Group by 1.0% in the 1st quarter. BlackRock Inc. now owns 2,363,042 shares of the business services provider’s stock worth $460,321,000 after acquiring an additional 22,518 shares during the period. Nomura Holdings Inc. grew its holdings in Avis Budget Group by 70.4% during the first quarter. Nomura Holdings Inc. now owns 1,534,724 shares of the business services provider’s stock worth $298,964,000 after acquiring an additional 634,040 shares during the period. State Street Corp raised its position in Avis Budget Group by 1.2% in the first quarter. State Street Corp now owns 1,458,488 shares of the business services provider’s stock worth $384,020,000 after acquiring an additional 16,655 shares in the last quarter. Par Capital Management Inc. raised its position in Avis Budget Group by 16.1% in the fourth quarter. Par Capital Management Inc. now owns 848,959 shares of the business services provider’s stock worth $150,486,000 after acquiring an additional 117,600 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in Avis Budget Group by 0.6% in the first quarter. Northern Trust Corp now owns 622,685 shares of the business services provider’s stock valued at $163,952,000 after acquiring an additional 3,626 shares during the period. Institutional investors and hedge funds own 98.26% of the company’s stock.

Avis Budget Group Company Profile

(Get Free Report)

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.

Further Reading

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