Avis Budget Group (NASDAQ:CAR) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Avis Budget Group (NASDAQ:CAR) had its target price trimmed by JPMorgan Chase & Co. from $145.00 to $105.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has an underweight rating on the business services provider’s stock.

Other analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Morgan Stanley lowered their target price on shares of Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Friday, September 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avis Budget Group in a report on Monday, August 17th. The Goldman Sachs Group lifted their price target on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a “sell” rating in a research report on Friday, July 24th. Finally, Zacks Research raised Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 1st. Six investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $125.71.

Avis Budget Group Stock Performance

NASDAQ:CAR opened at $105.98 on Thursday. Avis Budget Group has a 1 year low of $85.96 and a 1 year high of $847.70. The stock has a fifty day moving average price of $127.73 and a two-hundred day moving average price of $173.25. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of -5.83 and a beta of 2.12.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Tuesday, July 28th. The business services provider reported $0.98 EPS for the quarter, missing the consensus estimate of $2.05 by ($1.07). The business had revenue of $3 billion for the quarter, compared to the consensus estimate of $3.10 billion. During the same quarter in the prior year, the firm earned $0.10 EPS. The business’s quarterly revenue was down 1.3% on a year-over-year basis. On average, analysts predict that Avis Budget Group will post 1.08 EPS for the current year.

Hedge Funds Weigh In On Avis Budget Group

Several hedge funds have recently added to or reduced their stakes in CAR. Pentwater Capital Management LP purchased a new stake in shares of Avis Budget Group in the second quarter valued at about $371,541,000. Hsbc Holdings PLC acquired a new stake in shares of Avis Budget Group during the 2nd quarter worth about $247,773,000. BlackRock Inc. purchased a new stake in Avis Budget Group in the 2nd quarter worth approximately $245,413,000. Cibc World Market Inc. acquired a new position in Avis Budget Group in the second quarter valued at $73,915,000. Finally, Bank of Nova Scotia acquired a new position in shares of Avis Budget Group during the 2nd quarter valued at about $46,701,000. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Avis Budget Group Company Profile

Avis Budget Group, Inc is a global provider of vehicle rental and mobility services. The company operates through a portfolio of brands that includes Avis, Budget, Payless and Zipcar, offering cars, vans and other vehicles to leisure and business customers.

Avis and Budget provide short-term vehicle rentals through airport and neighborhood locations, while Payless focuses on value-oriented rental services. Zipcar operates a car-sharing network that allows members to reserve vehicles by the hour or day.