Avis Budget Group (NASDAQ:CAR) Rating Lowered to “Underweight” at JPMorgan Chase & Co.

Avis Budget Group (NASDAQ:CAR) was downgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research note issued on Thursday. They currently have a $165.00 price target on the business services provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential downside of 62.83% from the company’s previous close.

A number of other brokerages have also weighed in on CAR. Morgan Stanley cut their price objective on Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating on the stock in a research report on Friday, March 6th. Wall Street Zen lowered Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Zacks Research lowered Avis Budget Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 19th. The Goldman Sachs Group set a $85.00 price objective on Avis Budget Group in a research report on Monday, February 23rd. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Three analysts have rated the stock with a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat, Avis Budget Group presently has a consensus rating of “Strong Sell” and a consensus target price of $124.00.

Avis Budget Group Price Performance

Shares of Avis Budget Group stock opened at $443.94 on Thursday. The business’s 50 day simple moving average is $188.41 and its two-hundred day simple moving average is $152.49. The stock has a market capitalization of $15.68 billion, a P/E ratio of -17.48 and a beta of 1.94. Avis Budget Group has a one year low of $84.79 and a one year high of $847.70.

Insider Buying and Selling at Avis Budget Group

In other Avis Budget Group news, Director Lynn Krominga sold 1,950 shares of the business’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $91.54, for a total value of $178,503.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Pentwater Capital Management L bought 425,000 shares of the company’s stock in a transaction on Friday, February 20th. The stock was bought at an average cost of $94.26 per share, for a total transaction of $40,060,500.00. Following the completion of the acquisition, the insider directly owned 3,987,100 shares of the company’s stock, valued at approximately $375,824,046. This represents a 11.93% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 50.48% of the company’s stock.

Institutional Investors Weigh In On Avis Budget Group

Several hedge funds have recently added to or reduced their stakes in CAR. ING Groep NV boosted its holdings in Avis Budget Group by 440.2% in the third quarter. ING Groep NV now owns 1,035,000 shares of the business services provider’s stock worth $166,195,000 after acquiring an additional 843,400 shares in the last quarter. UBS Group AG boosted its holdings in Avis Budget Group by 37.3% in the fourth quarter. UBS Group AG now owns 2,964,807 shares of the business services provider’s stock worth $380,444,000 after acquiring an additional 804,814 shares in the last quarter. CIBC Bancorp USA Inc. bought a new stake in Avis Budget Group in the third quarter worth $97,951,000. Morgan Stanley boosted its holdings in Avis Budget Group by 38.1% in the fourth quarter. Morgan Stanley now owns 1,975,675 shares of the business services provider’s stock worth $253,519,000 after acquiring an additional 545,574 shares in the last quarter. Finally, National Bank of Canada FI raised its stake in shares of Avis Budget Group by 46.6% in the third quarter. National Bank of Canada FI now owns 1,290,000 shares of the business services provider’s stock worth $207,142,000 after purchasing an additional 409,761 shares during the last quarter. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Company Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.