Avis Budget Group (NASDAQ:CAR) Hits New 52-Week Low at $95.90

Avis Budget Group, Inc. (NASDAQ:CAR) shares hit a new 52-week low on Thursday . The company traded as low as $95.90 and last traded at $97.06, with a volume of 218996 shares. The stock had previously closed at $103.30.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CAR. Northcoast Research upgraded shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 target price on the stock in a report on Monday, March 25th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Avis Budget Group from $202.00 to $183.00 and set a “buy” rating for the company in a research note on Thursday, April 18th. Bank of America initiated coverage on shares of Avis Budget Group in a research note on Tuesday, March 19th. They set a “buy” rating and a $170.00 price target for the company. The Goldman Sachs Group upgraded Avis Budget Group from a “sell” rating to a “neutral” rating and raised their target price for the stock from $118.00 to $130.00 in a research note on Thursday, April 4th. Finally, StockNews.com raised Avis Budget Group from a “sell” rating to a “hold” rating in a report on Monday, February 12th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $172.86.

Avis Budget Group Trading Down 4.1 %

The company’s 50-day moving average is $112.32 and its two-hundred day moving average is $154.03. The stock has a market capitalization of $3.53 billion, a P/E ratio of 2.28 and a beta of 2.22.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data on Tuesday, February 13th. The business services provider reported $7.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.15 by $2.95. Avis Budget Group had a net margin of 13.59% and a negative return on equity of 696.69%. The business had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.81 billion. The business’s revenue was down .3% on a year-over-year basis. During the same period last year, the firm posted $10.46 earnings per share. Sell-side analysts expect that Avis Budget Group, Inc. will post 14.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Avis Budget Group

Several hedge funds have recently added to or reduced their stakes in the company. Huntington National Bank lifted its position in shares of Avis Budget Group by 101.0% in the third quarter. Huntington National Bank now owns 209 shares of the business services provider’s stock worth $38,000 after purchasing an additional 105 shares in the last quarter. Denali Advisors LLC raised its stake 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 worth $28,000 after buying an additional 112 shares during the last quarter. TFO Wealth Partners LLC lifted its holdings in Avis Budget Group by 15,550.0% in 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 acquired a new stake in Avis Budget Group during the 4th quarter worth about $79,000. Finally, CWM LLC raised its position in shares of Avis Budget Group by 248.2% in the 3rd quarter. CWM LLC now owns 491 shares of the business services provider’s stock worth $88,000 after acquiring an additional 350 shares in the last quarter. 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.