Avis Budget Group (NASDAQ:CAR) PT Lowered to $105.00

Avis Budget Group (NASDAQ:CAR) had its target price decreased by The Goldman Sachs Group from $120.00 to $105.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the business services provider’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 20.75% from the company’s current price.

Several other brokerages have also recently issued reports on CAR. JPMorgan Chase & Co. reduced their price objective on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating for the company in a report on Wednesday. Morgan Stanley cut their price target on Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating for the company in a report on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft cut their price target on Avis Budget Group from $202.00 to $183.00 and set a “buy” rating for the company in a report on Thursday, April 18th. Bank of America cut their price target on Avis Budget Group from $170.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. Finally, Susquehanna cut their price target on Avis Budget Group from $145.00 to $117.00 and set a “neutral” rating for the company in a report on Tuesday, April 30th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Avis Budget Group has an average rating of “Moderate Buy” and a consensus price target of $148.57.

Avis Budget Group Stock Performance

CAR stock traded down $2.33 during midday trading on Thursday, hitting $86.96. 454,982 shares of the stock were exchanged, compared to its average volume of 752,990. The stock’s 50-day moving average price is $103.50 and its 200-day moving average price is $115.37. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of 2.74 and a beta of 2.21. Avis Budget Group has a fifty-two week low of $79.03 and a fifty-two week high of $235.64.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Monday, August 5th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.60 by ($2.19). The firm had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.13 billion. Avis Budget Group had a negative return on equity of 480.48% and a net margin of 10.05%. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $11.01 earnings per share. Research analysts anticipate that Avis Budget Group will post 12.28 EPS for the current year.

Institutional Investors Weigh In On Avis Budget Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Massachusetts Financial Services Co. MA grew its position 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. Qsemble Capital Management LP grew its position in shares of Avis Budget Group by 77.8% in the second quarter. Qsemble Capital Management LP now owns 7,708 shares of the business services provider’s stock valued at $806,000 after purchasing an additional 3,373 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Avis Budget Group in the second quarter valued at $116,000. Texas Permanent School Fund Corp grew its position in shares of Avis Budget Group by 138.6% in the second quarter. Texas Permanent School Fund Corp now owns 38,568 shares of the business services provider’s stock valued at $4,031,000 after purchasing an additional 22,401 shares during the period. Finally, Chase Investment Counsel Corp purchased a new stake in shares of Avis Budget Group in the second quarter valued at $1,212,000. Hedge funds and other institutional investors own 96.35% of the company’s stock.

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; 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.