Avis Budget Group, Inc. (NASDAQ:CAR) Receives Consensus Recommendation of “Reduce” from Analysts

Avis Budget Group, Inc. (NASDAQ:CAR) has been given an average rating of “Reduce” by the ten ratings firms that are currently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $132.75.

CAR has been the subject of a number of recent analyst reports. 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. Morgan Stanley increased their price objective on shares of Avis Budget Group from $97.00 to $99.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 20th. Barclays set a $160.00 target price on shares of Avis Budget Group and gave the company an “equal weight” rating in a report on Monday, June 8th. Zacks Research raised Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Avis Budget Group in a research note on Wednesday, May 20th.

Avis Budget Group Stock Up 0.3%

Shares of Avis Budget Group stock opened at $159.48 on Friday. The firm has a market cap of $5.63 billion, a PE ratio of -8.37 and a beta of 1.91. Avis Budget Group has a 52 week low of $85.96 and a 52 week high of $847.70. The business’s fifty day simple moving average is $167.86 and its 200-day simple moving average is $166.20.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The company had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter in the prior year, the business posted ($14.35) EPS. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, equities analysts expect that Avis Budget Group will post 2.93 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Edward P. Linnen sold 9,483 shares of Avis Budget Group stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $182.32, for a total value of $1,728,940.56. Following the completion of the sale, the executive vice president directly owned 37,932 shares of the company’s stock, valued at approximately $6,915,762.24. The trade was a 20.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ravi Simhambhatla sold 3,469 shares of the business’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $184.09, for a total value of $638,608.21. Following the completion of the sale, the executive vice president owned 13,876 shares in the company, valued at $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. Insiders own 50.48% of the company’s stock.

Institutional Trading of Avis Budget Group

Several hedge funds have recently made changes to their positions in CAR. Caitong International Asset Management Co. Ltd grew its holdings in shares of Avis Budget Group by 1,845.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 203 shares in the last quarter. Quarry LP purchased a new stake in Avis Budget Group during the 4th quarter worth approximately $27,000. Basepoint Wealth LLC acquired a new stake in Avis Budget Group during the 4th quarter worth approximately $32,000. Hollencrest Capital Management acquired a new stake in Avis Budget Group during the 1st quarter worth approximately $44,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Avis Budget Group by 26.5% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock valued at $58,000 after buying an additional 76 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Company Profile

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.