Avis Budget Group (NASDAQ:CAR) Given New $117.00 Price Target at Susquehanna

Avis Budget Group (NASDAQ:CAR) had its price objective lowered by equities research analysts at Susquehanna from $145.00 to $117.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the business services provider’s stock. Susquehanna’s price target would indicate a potential upside of 23.48% from the company’s previous close.

Several other research analysts also recently commented on the stock. Morgan Stanley cut their price target on shares of Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating for the company in a report on Wednesday, April 10th. Northcoast Research raised shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 price objective for the company in a report on Monday, March 25th. StockNews.com raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a report on Monday, February 12th. JPMorgan Chase & Co. dropped their price objective on shares of Avis Budget Group from $280.00 to $240.00 and set an “overweight” rating for the company in a report on Wednesday, February 14th. Finally, The Goldman Sachs Group raised shares of Avis Budget Group from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $118.00 to $130.00 in a report on Thursday, April 4th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $164.57.

Avis Budget Group Price Performance

Shares of NASDAQ:CAR opened at $94.75 on Tuesday. The firm has a fifty day moving average price of $111.15 and a two-hundred day moving average price of $151.21. Avis Budget Group has a one year low of $93.53 and a one year high of $244.95. The company has a market cap of $3.38 billion, a price-to-earnings ratio of 2.22 and a beta of 2.22.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Wednesday, May 1st. The business services provider reported ($3.21) EPS for the quarter, missing the consensus estimate of ($2.65) by ($0.56). Avis Budget Group had a net margin of 13.59% and a negative return on equity of 696.69%. The firm had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.41 billion. During the same period in the previous year, the business earned $7.72 earnings per share. The firm’s revenue for the quarter was down .2% on a year-over-year basis. Equities research analysts expect that Avis Budget Group will post 14.73 EPS for the current fiscal year.

Institutional Trading of Avis Budget Group

Several hedge funds have recently added to or reduced their stakes in CAR. Hudson Bay Capital Management LP bought a new position in Avis Budget Group in the third quarter worth about $62,892,000. Hsbc Holdings PLC raised its stake in Avis Budget Group by 1,573.0% in the third quarter. Hsbc Holdings PLC now owns 362,965 shares of the business services provider’s stock worth $64,799,000 after buying an additional 341,269 shares in the last quarter. Norges Bank bought a new position in Avis Budget Group in the fourth quarter worth about $30,234,000. Par Capital Management Inc. grew its holdings 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 purchasing an additional 117,600 shares during the period. Finally, Bank of Nova Scotia grew its holdings in Avis Budget Group by 63.1% in the third quarter. Bank of Nova Scotia now owns 289,648 shares of the business services provider’s stock worth $52,047,000 after purchasing an additional 112,073 shares during the period. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Company Profile

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.