Avis Budget Group, Inc. (NASDAQ:CAR) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) have been assigned an average rating of “Moderate Buy” from the seven ratings firms that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $172.86.

CAR has been the subject of a number of research analyst reports. The Goldman Sachs Group raised shares of Avis Budget Group from a “sell” rating to a “neutral” rating and upped their price objective for the company from $118.00 to $130.00 in a research note on Thursday, April 4th. Susquehanna dropped their price target on shares of Avis Budget Group from $195.00 to $145.00 and set a “neutral” rating for the company in a research report on Wednesday, February 14th. Deutsche Bank Aktiengesellschaft decreased their price target 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. StockNews.com raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Monday, February 12th. Finally, Morgan Stanley reduced their target price on Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating on the stock in a report on Wednesday, April 10th.

Avis Budget Group Price Performance

CAR opened at $102.62 on Friday. Avis Budget Group has a 1-year low of $98.84 and a 1-year high of $244.95. The stock has a market cap of $3.66 billion, a P/E ratio of 2.41 and a beta of 2.22. The stock’s 50 day simple moving average is $112.66 and its 200 day simple moving average is $154.39.

Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Tuesday, February 13th. The business services provider reported $7.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.15 by $2.95. The company had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.81 billion. Avis Budget Group had a net margin of 13.59% and a negative return on equity of 696.69%. The firm’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $10.46 earnings per share. Research analysts expect that Avis Budget Group will post 15.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Avis Budget Group

Several hedge funds have recently modified their holdings of CAR. Hudson Bay Capital Management LP acquired a new position in shares of Avis Budget Group in the 3rd quarter worth approximately $62,892,000. Hsbc Holdings PLC grew its position in Avis Budget Group by 1,573.0% in the third quarter. Hsbc Holdings PLC now owns 362,965 shares of the business services provider’s stock worth $64,799,000 after buying an additional 341,269 shares during the last quarter. Norges Bank bought a new position in shares of Avis Budget Group in the fourth quarter valued at $30,234,000. Par Capital Management Inc. increased its holdings in shares of Avis Budget Group by 16.1% in the fourth quarter. Par Capital Management Inc. now owns 848,959 shares of the business services provider’s stock valued at $150,486,000 after buying an additional 117,600 shares in the last quarter. Finally, Bank of Nova Scotia lifted its position in shares of Avis Budget Group by 63.1% during the 3rd quarter. Bank of Nova Scotia now owns 289,648 shares of the business services provider’s stock valued at $52,047,000 after acquiring an additional 112,073 shares during the last quarter. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Avis Budget Group Company Profile

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.