Avis Budget Group (NASDAQ:CAR) Trading Up 5.5% – Still a Buy?

Avis Budget Group, Inc. (NASDAQ:CAR)’s share price traded up 5.5% on Monday . The stock traded as high as $145.93 and last traded at $145.68. Approximately 194,291 shares were traded during trading, a decline of 86% from the average daily volume of 1,426,771 shares. The stock had previously closed at $138.12.

Analysts Set New Price Targets

A number of research analysts have issued reports on CAR shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avis Budget Group in a research report on Monday, August 17th. Wall Street Zen lowered Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. JPMorgan Chase & Co. lifted their price objective on shares of Avis Budget Group from $155.00 to $170.00 and gave the company an “underweight” rating in a research note on Tuesday, June 23rd. Barclays set a $160.00 price objective on shares of Avis Budget Group and gave the stock an “equal weight” rating in a report on Monday, June 8th. Finally, The Goldman Sachs Group increased their target price 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. Five investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $135.57.

Avis Budget Group Price Performance

The stock has a market cap of $5.16 billion, a P/E ratio of -8.03 and a beta of 1.92. The company has a fifty day moving average of $152.67 and a 200 day moving average of $170.25.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Tuesday, July 28th. The business services provider reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($1.07). The business had revenue of $3 billion during the quarter, compared to analysts’ expectations of $3.10 billion. During the same period in the prior year, the firm posted $0.10 earnings per share. The business’s quarterly revenue was down 1.3% compared to the same quarter last year. As a group, analysts anticipate that Avis Budget Group, Inc. will post 1.36 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. MUFG Securities EMEA plc purchased a new position in Avis Budget Group in the 4th quarter worth about $25,664,000. Jefferies Financial Group Inc. purchased a new stake in Avis Budget Group during the fourth quarter valued at about $2,181,000. Northwestern Mutual Wealth Management Co. lifted its stake in Avis Budget Group by 47,007.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 170,999 shares of the business services provider’s stock valued at $21,943,000 after buying an additional 170,636 shares in the last quarter. Cibc World Market Inc. boosted its holdings in shares of Avis Budget Group by 75.0% in the fourth quarter. Cibc World Market Inc. now owns 700,005 shares of the business services provider’s stock worth $89,825,000 after buying an additional 300,000 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Avis Budget Group by 5.0% in the first quarter. Dimensional Fund Advisors LP now owns 356,900 shares of the business services provider’s stock worth $52,036,000 after buying an additional 17,074 shares during the period. 96.35% of the stock is owned by institutional investors and hedge funds.

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.