Avis Budget Group (NASDAQ:CAR) Rating Lowered to Strong Sell at Zacks Research

Avis Budget Group (NASDAQ:CAR) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday,Zacks.com reports.

Several other equities analysts also recently issued reports on CAR. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $196.00 price objective (up from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $105.00 price objective (up from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. JPMorgan Chase & Co. increased their price objective on shares of Avis Budget Group from $155.00 to $157.00 and gave the company a “neutral” rating in a report on Monday. Bank of America reaffirmed an “underperform” rating and set a $113.00 price objective (down from $120.00) on shares of Avis Budget Group in a report on Wednesday, August 20th. Finally, Susquehanna decreased their price objective on shares of Avis Budget Group from $150.00 to $145.00 and set a “neutral” rating on the stock in a report on Thursday, October 9th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, Avis Budget Group currently has a consensus rating of “Reduce” and a consensus target price of $144.33.

Avis Budget Group Stock Performance

Shares of NASDAQ CAR opened at $153.09 on Monday. The company’s fifty day moving average price is $155.41 and its 200 day moving average price is $140.65. Avis Budget Group has a 1 year low of $54.03 and a 1 year high of $212.81. The company has a market capitalization of $5.39 billion, a PE ratio of -2.42 and a beta of 2.03.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.02 by ($1.92). The company had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.02 billion. During the same quarter in the previous year, the business earned $0.41 earnings per share. The business’s quarterly revenue was down .3% compared to the same quarter last year. On average, equities analysts expect that Avis Budget Group will post 8.91 EPS for the current year.

Insider Activity

In other news, Director Bernardo Hees sold 402,200 shares of the firm’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $156.59, for a total value of $62,980,498.00. Following the transaction, the director directly owned 116,521 shares of the company’s stock, valued at approximately $18,246,023.39. This trade represents a 77.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Edward P. Linnen sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the completion of the transaction, the executive vice president directly owned 40,915 shares in the company, valued at approximately $6,416,699.45. This represents a 19.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 52.80% of the company’s stock.

Institutional Investors Weigh In On Avis Budget Group

Several hedge funds and other institutional investors have recently bought and sold shares of CAR. Hsbc Holdings PLC increased its position in Avis Budget Group by 48,706.7% during the second quarter. Hsbc Holdings PLC now owns 1,552,542 shares of the business services provider’s stock worth $256,629,000 after purchasing an additional 1,549,361 shares during the last quarter. National Bank of Canada FI increased its position in shares of Avis Budget Group by 166.7% during the second quarter. National Bank of Canada FI now owns 880,239 shares of the business services provider’s stock valued at $148,804,000 after acquiring an additional 550,239 shares during the last quarter. Mizuho Markets Americas LLC acquired a new stake in shares of Avis Budget Group during the first quarter valued at about $18,975,000. BNP Paribas Financial Markets increased its position in shares of Avis Budget Group by 208.8% during the second quarter. BNP Paribas Financial Markets now owns 318,947 shares of the business services provider’s stock valued at $53,918,000 after acquiring an additional 215,645 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of Avis Budget Group by 131.7% during the second quarter. Bank of America Corp DE now owns 332,276 shares of the business services provider’s stock valued at $56,171,000 after acquiring an additional 188,870 shares during the last quarter. 96.35% of the stock is currently owned by institutional investors and hedge funds.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.