Avis Budget Group (NASDAQ:CAR) PT Lowered to $140.00

Avis Budget Group (NASDAQ:CAR) had its price objective reduced by analysts at Bank of America from $170.00 to $140.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the business services provider’s stock. Bank of America‘s price objective would suggest a potential upside of 23.06% from the stock’s previous close.

A number of other research analysts have also recently commented on the stock. StockNews.com raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Monday, February 12th. The Goldman Sachs Group raised shares of Avis Budget Group from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $118.00 to $130.00 in a research report on Thursday, April 4th. Susquehanna reduced their target price on shares of Avis Budget Group from $145.00 to $117.00 and set a “neutral” rating on the stock in a research report on Tuesday. Northcoast Research raised shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 target price on the stock in a research report on Monday, March 25th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Avis Budget Group from $202.00 to $183.00 and set a “buy” rating on the stock in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Avis Budget Group has an average rating of “Moderate Buy” and an average price target of $164.57.

Avis Budget Group Stock Up 20.1 %

Shares of CAR stock opened at $113.77 on Wednesday. The stock has a market cap of $4.06 billion, a price-to-earnings ratio of 2.67 and a beta of 2.28. Avis Budget Group has a fifty-two week low of $93.53 and a fifty-two week high of $244.95. The firm’s 50 day moving average price is $111.42 and its two-hundred day moving average price is $150.95.

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

Institutional Trading of Avis Budget Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Capstone Investment Advisors LLC bought a new stake in Avis Budget Group during the first quarter valued at $1,069,000. Janney Montgomery Scott LLC increased its stake in Avis Budget Group by 77.8% during the first quarter. Janney Montgomery Scott LLC now owns 4,517 shares of the business services provider’s stock valued at $553,000 after purchasing an additional 1,977 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its stake in Avis Budget Group by 55.8% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 905 shares of the business services provider’s stock valued at $111,000 after purchasing an additional 324 shares during the last quarter. Principal Financial Group Inc. increased its stake in Avis Budget Group by 2.3% during the first quarter. Principal Financial Group Inc. now owns 69,764 shares of the business services provider’s stock valued at $8,543,000 after purchasing an additional 1,551 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in Avis Budget Group by 1.9% during the first quarter. Louisiana State Employees Retirement System now owns 5,300 shares of the business services provider’s stock valued at $649,000 after purchasing an additional 100 shares during the last quarter. Institutional investors own 96.35% 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 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.