Avis Budget Group (NASDAQ:CAR) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Avis Budget Group (NASDAQ:CAR) from a sell rating to a hold rating in a research note issued to investors on Monday.

A number of other equities research analysts also recently commented on CAR. Susquehanna dropped their price objective on shares of Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. JPMorgan Chase & Co. cut their price target on Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating on the stock in a research note on Monday. Barclays initiated coverage on Avis Budget Group in a research report on Thursday, September 19th. They set an “equal weight” rating and a $105.00 price objective for the company. The Goldman Sachs Group cut their target price on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating on the stock in a research report on Friday, October 11th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Avis Budget Group from $155.00 to $146.00 and set a “buy” rating for the company in a report on Friday, August 30th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $133.50.

Avis Budget Group Trading Down 1.9 %

Avis Budget Group stock opened at $90.27 on Monday. The firm has a market capitalization of $3.22 billion, a P/E ratio of 8.24 and a beta of 2.14. Avis Budget Group has a twelve month low of $65.73 and a twelve month high of $204.77. The stock’s fifty day simple moving average is $82.01 and its 200-day simple moving average is $96.54.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Thursday, October 31st. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.55 by ($1.90). Avis Budget Group had a net margin of 3.34% and a negative return on equity of 89.12%. The company had revenue of $3.48 billion during the quarter, compared to analysts’ expectations of $3.53 billion. During the same quarter in the previous year, the business posted $16.78 EPS. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. Sell-side analysts predict that Avis Budget Group will post 6.66 earnings per share for the current year.

Hedge Funds Weigh In On Avis Budget Group

Institutional investors have recently modified their holdings of the business. Rubric Capital Management LP raised its stake in Avis Budget Group by 220.9% during the 2nd quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider’s stock valued at $72,147,000 after acquiring an additional 475,181 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Avis Budget Group by 17.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 589,780 shares of the business services provider’s stock valued at $61,644,000 after purchasing an additional 88,279 shares during the period. International Assets Investment Management LLC raised its stake in shares of Avis Budget Group by 19,203.5% during the third quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider’s stock worth $421,350,000 after purchasing an additional 478,552 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Avis Budget Group during the second quarter worth $19,978,000. Finally, Hsbc Holdings PLC grew its position in Avis Budget Group by 16.3% in the 2nd quarter. Hsbc Holdings PLC now owns 126,380 shares of the business services provider’s stock valued at $13,036,000 after buying an additional 17,750 shares during the last quarter. 96.35% of the stock is owned by institutional investors and hedge funds.

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.