StockNews.com Lowers Avis Budget Group (NASDAQ:CAR) to Sell

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

CAR has been the topic of a number of other research reports. Bank of America dropped their price target on Avis Budget Group from $170.00 to $140.00 and set a buy rating on the stock in a research report on Wednesday, May 1st. JPMorgan Chase & Co. dropped their target price on shares of Avis Budget Group from $205.00 to $175.00 and set an overweight rating on the stock in a report on Wednesday, August 7th. The Goldman Sachs Group lowered their price objective on shares of Avis Budget Group from $120.00 to $105.00 and set a neutral rating for the company in a research report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Avis Budget Group from $202.00 to $183.00 and set a buy rating on the stock in a report on Thursday, April 18th. Finally, Susquehanna reduced their target price on shares of Avis Budget Group from $120.00 to $95.00 and set a neutral rating for the company in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $148.57.

Avis Budget Group Trading Down 0.4 %

Avis Budget Group stock opened at $84.32 on Wednesday. The firm has a market capitalization of $3.01 billion, a P/E ratio of 2.66 and a beta of 2.21. The business has a 50-day moving average of $101.88 and a 200-day moving average of $113.17. Avis Budget Group has a 1 year low of $79.03 and a 1 year high of $233.10.

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 analysts’ consensus estimates 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 net margin of 10.05% and a negative return on equity of 480.48%. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $11.01 EPS. Research analysts anticipate that Avis Budget Group will post 12.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC grew its position in shares of Avis Budget Group by 1,345.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,515 shares of the business services provider’s stock valued at $446,000 after acquiring an additional 2,341 shares during the period. International Assets Investment Management LLC bought a new position in Avis Budget Group in the 4th quarter valued at about $12,317,000. Cerity Partners LLC acquired a new stake in Avis Budget Group during the fourth quarter worth approximately $313,000. Louisiana State Employees Retirement System bought a new stake in shares of Avis Budget Group during the fourth quarter worth approximately $922,000. Finally, Mackenzie Financial Corp bought a new stake in shares of Avis Budget Group during the fourth quarter worth approximately $687,000. 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.