Shares of Avis Budget Group, Inc. (NASDAQ:CAR – Get Free Report) dropped 2.1% during mid-day trading on Wednesday after The Goldman Sachs Group lowered their price target on the stock from $140.00 to $120.00. The Goldman Sachs Group currently has a neutral rating on the stock. Avis Budget Group traded as low as $99.19 and last traded at $99.91. Approximately 69,120 shares changed hands during trading, a decline of 91% from the average daily volume of 757,628 shares. The stock had previously closed at $102.03.
Other equities analysts also recently issued research reports about the company. Morgan Stanley cut their target price on Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft cut their target price on Avis Budget Group from $202.00 to $183.00 and set a “buy” rating on the stock in a research note on Thursday, April 18th. Bank of America lowered their price target on shares of Avis Budget Group from $170.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. StockNews.com cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Northcoast Research raised shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 price target on the stock in a report on Monday, March 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Avis Budget Group has a consensus rating of “Moderate Buy” and a consensus price target of $163.14.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC boosted its position in Avis Budget Group by 119.2% during the first quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider’s stock valued at $28,000 after buying an additional 124 shares during the period. Denali Advisors LLC boosted its position in Avis Budget Group by 94.1% during the first quarter. Denali Advisors LLC now owns 231 shares of the business services provider’s stock valued at $28,000 after buying an additional 112 shares during the period. TFO Wealth Partners LLC boosted its position in Avis Budget Group by 15,550.0% during the fourth quarter. TFO Wealth Partners LLC now owns 313 shares of the business services provider’s stock valued at $55,000 after buying an additional 311 shares during the period. Headlands Technologies LLC purchased a new stake in Avis Budget Group during the fourth quarter valued at about $79,000. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its position in Avis Budget Group by 55.8% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 905 shares of the business services provider’s stock valued at $111,000 after buying an additional 324 shares during the period. 96.35% of the stock is currently owned by hedge funds and other institutional investors.
Avis Budget Group Stock Down 3.0 %
The firm’s 50-day simple moving average is $111.32 and its 200-day simple moving average is $125.86. The firm has a market capitalization of $3.53 billion, a PE ratio of 3.13 and a beta of 2.21.
Avis Budget Group (NASDAQ:CAR – Get Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The business services provider reported ($3.21) EPS for the quarter, missing the consensus estimate of ($2.65) by ($0.56). The firm had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.41 billion. Avis Budget Group had a net margin of 10.05% and a negative return on equity of 480.48%. The business’s revenue was down .2% on a year-over-year basis. During the same period last year, the company posted $7.72 earnings per share. On average, equities research analysts forecast that Avis Budget Group, Inc. will post 12.4 earnings per share for the current 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.