The Goldman Sachs Group Has Lowered Expectations for Avis Budget Group (NASDAQ:CAR) Stock Price

Avis Budget Group (NASDAQ:CAR) had its price objective reduced by equities researchers at The Goldman Sachs Group from $100.00 to $87.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the business services provider’s stock. The Goldman Sachs Group’s price target points to a potential downside of 16.30% from the stock’s previous close.

Separately, StockNews.com upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a report on Saturday, May 3rd. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Avis Budget Group currently has an average rating of “Hold” and an average target price of $117.00.

Avis Budget Group Trading Up 2.8 %

Avis Budget Group stock opened at $103.94 on Friday. The stock has a 50 day moving average of $76.16 and a 200-day moving average of $85.72. The stock has a market cap of $3.66 billion, a P/E ratio of -2.01 and a beta of 2.10. Avis Budget Group has a 52 week low of $54.03 and a 52 week high of $132.25.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share for the quarter, missing the consensus estimate of ($5.72) by ($8.63). The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.49 billion. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. Avis Budget Group’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($3.21) EPS. As a group, equities analysts predict that Avis Budget Group will post 8.91 earnings per share for the current fiscal year.

Insider Transactions at Avis Budget Group

In related news, Director Lynn Krominga sold 1,405 shares of Avis Budget Group stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $95.00, for a total value of $133,475.00. Following the sale, the director now directly owns 1,950 shares in the company, valued at $185,250. This trade represents a 41.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 52.80% of the company’s stock.

Institutional Investors Weigh In On Avis Budget Group

A number of hedge funds have recently made changes to their positions in CAR. Barclays PLC raised its stake in Avis Budget Group by 30.5% during the 3rd quarter. Barclays PLC now owns 200,576 shares of the business services provider’s stock valued at $17,571,000 after acquiring an additional 46,922 shares in the last quarter. Swiss National Bank increased its holdings in shares of Avis Budget Group by 0.9% during the fourth quarter. Swiss National Bank now owns 35,100 shares of the business services provider’s stock valued at $2,829,000 after purchasing an additional 300 shares during the period. US Bancorp DE lifted its holdings in Avis Budget Group by 9.6% in the fourth quarter. US Bancorp DE now owns 2,984 shares of the business services provider’s stock worth $241,000 after purchasing an additional 261 shares during the period. Diversify Advisory Services LLC bought a new position in Avis Budget Group in the 4th quarter valued at about $254,000. Finally, SG Americas Securities LLC increased its stake in Avis Budget Group by 234.5% during the 4th quarter. SG Americas Securities LLC now owns 32,325 shares of the business services provider’s stock valued at $2,606,000 after buying an additional 22,660 shares during the period. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Company Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.