Avis Budget Group, Inc. (NASDAQ:CAR) Given Average Rating of “Reduce” by Brokerages

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) have earned a consensus rating of “Reduce” from the nine ratings firms that are covering the company, MarketBeat.com reports. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $137.5714.

A number of research analysts recently weighed in on the stock. Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 18th. Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. JPMorgan Chase & Co. increased their target price on Avis Budget Group from $155.00 to $157.00 and gave the stock a “neutral” rating in a research report on Monday, October 20th. Susquehanna lowered their price target on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating on the stock in a report on Wednesday, October 29th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $142.00 price target (up from $115.00) on shares of Avis Budget Group in a research note on Monday, December 8th.

Hedge Funds Weigh In On Avis Budget Group

Several institutional investors have recently bought and sold shares of the stock. Hsbc Holdings PLC lifted its stake in Avis Budget Group by 48,706.7% in the 2nd quarter. Hsbc Holdings PLC now owns 1,552,542 shares of the business services provider’s stock worth $256,629,000 after purchasing an additional 1,549,361 shares in the last quarter. ING Groep NV increased its holdings in shares of 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 purchasing an additional 843,400 shares during the last quarter. UBS Group AG increased its holdings in shares of 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 purchasing an additional 804,814 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new stake in shares of Avis Budget Group in the third quarter worth about $97,951,000. Finally, National Bank of Canada FI boosted its stake in Avis Budget Group by 166.7% during the second quarter. National Bank of Canada FI now owns 880,239 shares of the business services provider’s stock valued at $148,804,000 after buying an additional 550,239 shares during the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Price Performance

Shares of NASDAQ:CAR opened at $114.99 on Friday. Avis Budget Group has a 1-year low of $54.03 and a 1-year high of $212.81. The company has a market capitalization of $4.05 billion, a P/E ratio of -1.92 and a beta of 2.31. The firm’s 50 day simple moving average is $128.39 and its two-hundred day simple moving average is $146.99.

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.