Avis Budget Group (NASDAQ:CAR) Given New $140.00 Price Target at Susquehanna

Avis Budget Group (NASDAQ:CAR) had its price target hoisted by stock analysts at Susquehanna from $105.00 to $140.00 in a report issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the business services provider’s stock. Susquehanna’s price target would suggest a potential downside of 9.13% from the company’s previous close.

Several other brokerages have also recently commented on CAR. Morgan Stanley reduced their target price on Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating for the company in a research report on Friday, March 6th. Barclays dropped their price objective on shares of Avis Budget Group from $150.00 to $140.00 and set an “underweight” rating for the company in a research note on Tuesday. Jefferies Financial Group downgraded shares of Avis Budget Group from a “buy” rating to a “hold” rating and raised their price objective for the stock from $112.00 to $160.00 in a report on Friday, May 1st. Wall Street Zen upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, The Goldman Sachs Group set a $85.00 target price on shares of Avis Budget Group in a research note on Monday, February 23rd. Five research analysts have rated the stock with a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $125.00.

Avis Budget Group Stock Down 6.2%

Shares of CAR opened at $154.06 on Friday. The stock’s 50-day moving average price is $201.79 and its 200 day moving average price is $154.59. The firm has a market capitalization of $5.44 billion, a price-to-earnings ratio of -8.09 and a beta of 1.91. Avis Budget Group has a 12-month low of $85.96 and a 12-month high of $847.70.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Wednesday, April 29th. The business services provider reported ($8.01) EPS for the quarter, missing analysts’ consensus estimates of ($6.82) by ($1.19). The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the company earned ($14.35) EPS. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. Equities research analysts expect that Avis Budget Group will post 3.72 EPS for the current year.

Insiders Place Their Bets

In other news, Director Lynn Krominga sold 1,950 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $91.54, for a total transaction of $178,503.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ravi Simhambhatla sold 3,469 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $184.09, for a total transaction of $638,608.21. Following the completion of the sale, the executive vice president directly owned 13,876 shares of the company’s stock, valued at approximately $2,554,432.84. This represents a 20.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 18,249 shares of company stock valued at $4,014,515. 50.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avis Budget Group

Institutional investors and hedge funds have recently made changes to their positions in the company. ING Groep NV increased its position in Avis Budget Group by 440.2% in the third quarter. ING Groep NV now owns 1,035,000 shares of the business services provider’s stock worth $166,195,000 after purchasing an additional 843,400 shares during the period. UBS Group AG lifted its position in Avis Budget Group by 37.3% during the 4th quarter. UBS Group AG now owns 2,964,807 shares of the business services provider’s stock valued at $380,444,000 after purchasing an additional 804,814 shares during the period. CIBC Bancorp USA Inc. acquired a new position in Avis Budget Group during the 3rd quarter valued at about $97,951,000. Morgan Stanley boosted its stake in shares of Avis Budget Group by 38.1% in the 4th quarter. Morgan Stanley now owns 1,975,675 shares of the business services provider’s stock valued at $253,519,000 after purchasing an additional 545,574 shares during the last quarter. Finally, National Bank of Canada FI boosted its stake in shares of Avis Budget Group by 46.6% in the 3rd quarter. National Bank of Canada FI now owns 1,290,000 shares of the business services provider’s stock valued at $207,142,000 after purchasing an additional 409,761 shares during the last quarter. Institutional investors own 96.35% of the company’s stock.

About Avis Budget Group

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.