Avis Budget Group (NASDAQ:CAR – Get Free Report) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Friday.
Separately, The Goldman Sachs Group started coverage on shares of Avis Budget Group in a report on Thursday. They set a “sell” rating and a $164.00 price target for the company. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $225.40.
Avis Budget Group Stock Down 0.7 %
Avis Budget Group stock traded down $1.28 during trading hours on Friday, hitting $189.75. The stock had a trading volume of 1,313,113 shares, compared to its average volume of 513,077. Avis Budget Group has a fifty-two week low of $153.55 and a fifty-two week high of $251.26. The company has a market cap of $6.87 billion, a PE ratio of 4.16 and a beta of 2.40. The company has a 50-day moving average of $181.06 and a two-hundred day moving average of $200.21.
Avis Budget Group (NASDAQ:CAR – Get Free Report) last announced its quarterly earnings results on Thursday, November 2nd. The business services provider reported $16.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $14.54 by $2.24. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.59 billion. Avis Budget Group had a net margin of 14.95% and a negative return on equity of 559.82%. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $21.70 EPS. As a group, analysts forecast that Avis Budget Group will post 40.18 EPS for the current fiscal year.
Hedge Funds Weigh In On Avis Budget Group
Several institutional investors have recently modified their holdings of CAR. Huntington National Bank increased its position in shares of Avis Budget Group by 101.0% in the 3rd quarter. Huntington National Bank now owns 209 shares of the business services provider’s stock valued at $38,000 after buying an additional 105 shares in the last quarter. Financial Gravity Asset Management Inc. bought a new stake in shares of Avis Budget Group in the second quarter worth about $561,000. AXS Investments LLC raised its position in shares of Avis Budget Group by 100.0% during the first quarter. AXS Investments LLC now owns 300 shares of the business services provider’s stock worth $58,000 after purchasing an additional 150 shares during the period. Strategic Investment Solutions Inc. IL bought a new position in shares of Avis Budget Group during the 1st quarter valued at about $70,000. Finally, Carolina Wealth Advisors LLC acquired a new position in shares of Avis Budget Group in the 2nd quarter valued at approximately $88,000. 98.26% of the stock is currently owned by institutional investors and hedge funds.
About Avis Budget Group
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; the Budget Truck brand, 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 approximately 415 dealer-operated and 390 company-operated locations that serve the light commercial and consumer sectors in the continental United States; and the Zipcar brand, a car sharing network.