The Goldman Sachs Group Forecasts Strong Price Appreciation for Avis Budget Group (NASDAQ:CAR) Stock

Avis Budget Group (NASDAQ:CAR) had its price objective boosted by investment analysts at The Goldman Sachs Group from $85.00 to $95.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the business services provider’s stock. The Goldman Sachs Group’s price objective indicates a potential downside of 4.18% from the stock’s previous close.

Several other analysts have also issued reports on CAR. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Avis Budget Group from $145.00 to $143.00 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Northcoast Research lowered Avis Budget Group from a “buy” rating to a “neutral” rating in a research note on Monday, November 18th. JPMorgan Chase & Co. lowered their price target on Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Barclays started coverage on Avis Budget Group in a research note on Thursday, September 19th. They issued an “equal weight” rating and a $105.00 price objective on the stock. Finally, StockNews.com raised Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Avis Budget Group has an average rating of “Hold” and an average price target of $133.75.

Avis Budget Group Price Performance

Avis Budget Group stock opened at $99.14 on Tuesday. The stock’s fifty day moving average price is $93.46 and its two-hundred day moving average price is $94.62. The firm has a market cap of $3.48 billion, a PE ratio of 9.05 and a beta of 2.20. Avis Budget Group has a one year low of $65.73 and a one year high of $204.77.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data on Thursday, October 31st. The business services provider reported $6.65 earnings per share for the quarter, missing the consensus estimate of $8.55 by ($1.90). The firm had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.53 billion. Avis Budget Group had a negative return on equity of 101.41% and a net margin of 3.34%. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the prior year, the company earned $16.78 EPS. Sell-side analysts expect that Avis Budget Group will post 3.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avis Budget Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. acquired a new position in shares of Avis Budget Group in the second quarter worth approximately $19,978,000. Lecap Asset Management Ltd. acquired a new position in shares of Avis Budget Group in the 2nd quarter worth approximately $1,400,000. SummerHaven Investment Management LLC boosted its stake in shares of Avis Budget Group by 4.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 3,223 shares of the business services provider’s stock valued at $337,000 after purchasing an additional 138 shares during the last quarter. Retirement Systems of Alabama boosted its stake in shares of Avis Budget Group by 50.2% in the 2nd quarter. Retirement Systems of Alabama now owns 34,851 shares of the business services provider’s stock valued at $3,643,000 after purchasing an additional 11,654 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Avis Budget Group by 27.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,664 shares of the business services provider’s stock worth $487,000 after buying an additional 1,008 shares during the period. 96.35% of the stock is currently owned by institutional investors and hedge funds.

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.