Avis Budget Group (NASDAQ:CAR) Upgraded to “Hold” at Zacks Research

Avis Budget Group (NASDAQ:CAR) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

A number of other research analysts also recently commented on the company. Morgan Stanley lowered their target price on Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating for the company in a research report on Friday, March 6th. Barclays lowered their target price on Avis Budget Group from $150.00 to $140.00 and set an “underweight” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. lowered their target price on Avis Budget Group from $165.00 to $140.00 and set an “underweight” rating for the company in a research report on Friday, May 1st. Jefferies Financial Group downgraded Avis Budget Group from a “buy” rating to a “hold” rating and increased their target price for the company from $112.00 to $160.00 in a research report on Friday, May 1st. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Five analysts have rated the stock with a Hold rating and five have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Avis Budget Group has an average rating of “Reduce” and an average target price of $123.75.

Avis Budget Group Price Performance

CAR stock opened at $154.06 on Wednesday. Avis Budget Group has a 1-year low of $85.96 and a 1-year high of $847.70. The company has a market capitalization of $5.44 billion, a price-to-earnings ratio of -8.09 and a beta of 1.91. The business has a 50 day simple moving average of $201.79 and a two-hundred day simple moving average of $154.59.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The business had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.43 billion. Avis Budget Group’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the firm earned ($14.35) EPS. Sell-side analysts anticipate that Avis Budget Group will post 3.72 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Pentwater Capital Management L sold 3,347 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $438.74, for a total transaction of $1,468,462.78. Following the sale, the insider owned 6,177,100 shares in the company, valued at approximately $2,710,140,854. This represents a 0.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Edward P. Linnen sold 9,483 shares of the stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $182.32, for a total value of $1,728,940.56. Following the sale, the executive vice president owned 37,932 shares in the company, valued at $6,915,762.24. The trade was a 20.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 18,249 shares of company stock worth $4,014,515. 50.48% of the stock is currently owned by corporate insiders.

Institutional Trading of Avis Budget Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Deseret Mutual Benefit Administrators raised its holdings in Avis Budget Group by 102.3% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock valued at $28,000 after buying an additional 88 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in Avis Budget Group by 1,845.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock valued at $27,000 after buying an additional 203 shares during the period. Quarry LP purchased a new stake in Avis Budget Group during the 4th quarter valued at $27,000. Basepoint Wealth LLC purchased a new stake in Avis Budget Group during the 4th quarter valued at $32,000. Finally, Hantz Financial Services Inc. raised its holdings in Avis Budget Group by 136.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider’s stock valued at $41,000 after buying an additional 146 shares during the period. Hedge funds and other institutional investors own 96.35% of the company’s stock.

About Avis Budget Group

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.