Avis Budget Group (NASDAQ:CAR) Coverage Initiated at Barclays

Analysts at Barclays began coverage on shares of Avis Budget Group (NASDAQ:CAR) in a report issued on Thursday, MarketBeat Ratings reports. The firm set an “equal weight” rating and a $105.00 price target on the business services provider’s stock. Barclays‘s target price points to a potential upside of 22.24% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. The Goldman Sachs Group dropped their price objective on Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. JPMorgan Chase & Co. dropped their price objective on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft dropped their price objective on Avis Budget Group from $155.00 to $146.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Susquehanna dropped their price target on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Finally, StockNews.com lowered Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Avis Budget Group has an average rating of “Hold” and an average target price of $138.50.

Avis Budget Group Stock Down 1.5 %

Shares of CAR opened at $85.90 on Thursday. The business has a 50-day simple moving average of $88.09 and a two-hundred day simple moving average of $103.38. The stock has a market cap of $3.06 billion, a price-to-earnings ratio of 2.71 and a beta of 2.14. Avis Budget Group has a 52 week low of $65.73 and a 52 week high of $204.77.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Monday, August 5th. The business services provider reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.60 by ($2.19). The business had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.13 billion. Avis Budget Group had a negative return on equity of 230.71% and a net margin of 6.58%. The business’s revenue was down 2.4% on a year-over-year basis. During the same period last year, the company earned $11.01 EPS. On average, equities analysts anticipate that Avis Budget Group will post 7.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avis Budget Group

Several institutional investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Avis Budget Group in the 2nd quarter valued at approximately $75,000. Chase Investment Counsel Corp bought a new stake in shares of Avis Budget Group in the 2nd quarter valued at approximately $1,254,000. Creative Planning raised its holdings in shares of Avis Budget Group by 117.8% in the second quarter. Creative Planning now owns 12,672 shares of the business services provider’s stock worth $1,324,000 after buying an additional 6,855 shares during the period. Algert Global LLC raised its holdings in shares of Avis Budget Group by 2.5% in the second quarter. Algert Global LLC now owns 10,165 shares of the business services provider’s stock worth $1,062,000 after buying an additional 245 shares during the period. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Avis Budget Group in the second quarter worth approximately $203,000. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Company Profile

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.