Avis Budget Group (NASDAQ:CAR) Rating Lowered to “Strong Sell” at Zacks Research

Avis Budget Group (NASDAQ:CAR) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other equities analysts also recently issued reports on CAR. The Goldman Sachs Group reissued a “sell” rating and issued a $105.00 price target (up from $87.00) on shares of Avis Budget Group in a research note on Friday, August 1st. Barclays increased their price target on shares of Avis Budget Group from $105.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Monday, August 4th. Bank of America reissued an “underperform” rating and issued a $113.00 price target (down from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. JPMorgan Chase & Co. increased their price target on shares of Avis Budget Group from $155.00 to $157.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $196.00 price objective (up previously from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $144.33.

Avis Budget Group Price Performance

CAR stock opened at $153.09 on Monday. Avis Budget Group has a 1 year low of $54.03 and a 1 year high of $212.81. The company has a market cap of $5.39 billion, a P/E ratio of -2.42 and a beta of 2.03. The firm has a 50-day moving average of $155.41 and a 200 day moving average of $140.65.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.02 by ($1.92). The company had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same period in the prior year, the firm posted $0.41 earnings per share. Avis Budget Group’s quarterly revenue was down .3% compared to the same quarter last year. On average, equities research analysts expect that Avis Budget Group will post 8.91 earnings per share for the current fiscal year.

Insider Transactions at Avis Budget Group

In other Avis Budget Group news, EVP Edward P. Linnen sold 10,000 shares of the company’s stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $156.83, for a total value of $1,568,300.00. Following the sale, the executive vice president owned 40,915 shares in the company, valued at approximately $6,416,699.45. This represents a 19.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bernardo Hees sold 402,200 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $156.59, for a total transaction of $62,980,498.00. Following the sale, the director owned 116,521 shares in the company, valued at approximately $18,246,023.39. The trade was a 77.54% decrease in their position. The disclosure for this sale can be found here. 52.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Avis Budget Group

A number of institutional investors have recently made changes to their positions in CAR. Fifth Third Bancorp grew its holdings in shares of Avis Budget Group by 32.6% during the second quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock valued at $39,000 after buying an additional 56 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Avis Budget Group by 421.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider’s stock valued at $64,000 after buying an additional 678 shares during the last quarter. Quarry LP grew its holdings in shares of Avis Budget Group by 399.5% during the first quarter. Quarry LP now owns 909 shares of the business services provider’s stock valued at $69,000 after buying an additional 727 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Avis Budget Group by 19.6% during the second quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock valued at $72,000 after buying an additional 70 shares during the last quarter. Finally, Allworth Financial LP grew its holdings in shares of Avis Budget Group by 125.7% during the second quarter. Allworth Financial LP now owns 474 shares of the business services provider’s stock valued at $80,000 after buying an additional 264 shares during the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Company Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.