Avis Budget Group (NASDAQ:CAR) Price Target Lowered to $140.00 at Bank of America

Avis Budget Group (NASDAQ:CAR) had its target price lowered by Bank of America from $170.00 to $140.00 in a report published on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the business services provider’s stock.

CAR has been the subject of several other reports. JPMorgan Chase & Co. reduced their price objective on Avis Budget Group from $280.00 to $240.00 and set an overweight rating for the company in a research note on Wednesday, February 14th. StockNews.com upgraded Avis Budget Group from a sell rating to a hold rating in a research note on Monday, February 12th. The Goldman Sachs Group upgraded Avis Budget Group from a sell rating to a neutral rating and upped their price objective for the stock from $118.00 to $130.00 in a research note on Thursday, April 4th. Morgan Stanley cut their price target on Avis Budget Group from $190.00 to $187.00 and set an overweight rating for the company in a research note on Wednesday, April 10th. Finally, Susquehanna cut their price target on Avis Budget Group from $145.00 to $117.00 and set a neutral rating for the company in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $164.57.

Avis Budget Group Price Performance

NASDAQ CAR opened at $94.75 on Wednesday. The stock has a market capitalization of $3.38 billion, a price-to-earnings ratio of 2.22 and a beta of 2.22. Avis Budget Group has a 1-year low of $93.53 and a 1-year high of $244.95. The business’s fifty day moving average price is $111.15 and its 200-day moving average price is $151.21.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data on Wednesday, May 1st. The business services provider reported ($3.21) EPS for the quarter, missing the consensus estimate of ($2.65) by ($0.56). The company had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.41 billion. Avis Budget Group had a negative return on equity of 696.69% and a net margin of 13.59%. The company’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter last year, the company earned $7.72 earnings per share. Equities research analysts anticipate that Avis Budget Group will post 14.73 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Aigen Investment Management LP grew its position in shares of Avis Budget Group by 4.8% during the fourth quarter. Aigen Investment Management LP now owns 1,303 shares of the business services provider’s stock valued at $231,000 after purchasing an additional 60 shares in the last quarter. Janney Montgomery Scott LLC grew its position in shares of Avis Budget Group by 3.2% during the fourth quarter. Janney Montgomery Scott LLC now owns 2,540 shares of the business services provider’s stock valued at $450,000 after purchasing an additional 79 shares in the last quarter. Arizona State Retirement System grew its position in shares of Avis Budget Group by 1.4% during the third quarter. Arizona State Retirement System now owns 6,226 shares of the business services provider’s stock valued at $1,119,000 after purchasing an additional 84 shares in the last quarter. New York Life Investment Management LLC lifted its holdings in shares of Avis Budget Group by 4.0% in the 4th quarter. New York Life Investment Management LLC now owns 2,265 shares of the business services provider’s stock valued at $401,000 after acquiring an additional 87 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Avis Budget Group by 2.1% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 4,270 shares of the business services provider’s stock valued at $767,000 after acquiring an additional 89 shares during the last quarter. Hedge funds and other 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.