Brokerages Set Avis Budget Group, Inc. (NASDAQ:CAR) Target Price at $143.29

Avis Budget Group, Inc. (NASDAQ:CAR) has been given a consensus rating of “Moderate Buy” by the eight research firms that are currently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $138.50.

Several research analysts have commented on the company. StockNews.com downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Barclays started coverage on Avis Budget Group in a report on Thursday. They issued an “equal weight” rating and a $105.00 price target on the stock. The Goldman Sachs Group cut their price target on Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. JPMorgan Chase & Co. dropped their target price on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Avis Budget Group from $155.00 to $146.00 and set a “buy” rating on the stock in a research note on Friday, August 30th.

Hedge Funds Weigh In On Avis Budget Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Assenagon Asset Management S.A. acquired a new position in Avis Budget Group in the 2nd quarter worth about $19,978,000. Russell Investments Group Ltd. grew its position in shares of Avis Budget Group by 70,663.6% in the first quarter. Russell Investments Group Ltd. now owns 7,784 shares of the business services provider’s stock valued at $954,000 after purchasing an additional 7,773 shares in the last quarter. Capstone Investment Advisors LLC acquired a new position in Avis Budget Group in the first quarter valued at approximately $1,069,000. Gabelli Funds LLC acquired a new position in Avis Budget Group in the first quarter valued at approximately $1,898,000. Finally, Norges Bank acquired a new position in Avis Budget Group in the fourth quarter valued at approximately $30,234,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Price Performance

NASDAQ:CAR opened at $85.90 on Monday. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 2.71 and a beta of 2.14. Avis Budget Group has a 1 year low of $65.73 and a 1 year high of $204.77. The business has a 50 day simple moving average of $88.09 and a 200-day simple moving average of $103.38.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Monday, August 5th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.60 by ($2.19). The business had revenue of $3.05 billion for 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%. Avis Budget Group’s revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the business posted $11.01 earnings per share. As a group, analysts expect that Avis Budget Group will post 7.68 earnings per share for the current fiscal year.

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.