Barclays Issues Pessimistic Forecast for Avis Budget Group (NASDAQ:CAR) Stock Price

Avis Budget Group (NASDAQ:CAR) had its target price dropped by research analysts at Barclays from $120.00 to $95.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the business services provider’s stock. Barclays‘s price target suggests a potential downside of 1.90% from the company’s current price.

A number of other analysts have also commented on CAR. Wall Street Zen lowered Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Susquehanna decreased their price objective on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating for the company in a report on Wednesday, October 29th. The Goldman Sachs Group set a $85.00 target price on Avis Budget Group in a research report on Monday. Morgan Stanley reissued an “equal weight” rating and issued a $142.00 price target (up from $115.00) on shares of Avis Budget Group in a research report on Monday, December 8th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $131.14.

Avis Budget Group Stock Performance

Shares of Avis Budget Group stock traded up $3.94 on Thursday, reaching $96.84. 66,896 shares of the company’s stock were exchanged, compared to its average volume of 698,701. The company has a market capitalization of $3.41 billion, a P/E ratio of -3.81 and a beta of 2.33. Avis Budget Group has a 52 week low of $54.03 and a 52 week high of $212.81. The firm’s 50-day moving average is $120.76 and its two-hundred day moving average is $138.01.

Insider Buying and Selling at Avis Budget Group

In other news, major shareholder Pentwater Capital Management L acquired 425,000 shares of the business’s stock in a transaction on Friday, February 20th. The shares were purchased at an average cost of $94.26 per share, with a total value of $40,060,500.00. Following the acquisition, the insider directly owned 3,987,100 shares of the company’s stock, valued at $375,824,046. The trade was a 11.93% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lynn Krominga sold 1,950 shares of the company’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $91.54, for a total transaction of $178,503.00. The SEC filing for this sale provides additional information. Corporate insiders own 52.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hsbc Holdings PLC grew its position 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 lifted its position in shares of Avis Budget Group by 440.2% during the 3rd quarter. ING Groep NV now owns 1,035,000 shares of the business services provider’s stock worth $166,195,000 after buying an additional 843,400 shares in the last quarter. UBS Group AG boosted its stake in shares of Avis Budget Group by 37.3% in the 4th quarter. UBS Group AG now owns 2,964,807 shares of the business services provider’s stock worth $380,444,000 after buying an additional 804,814 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new position in shares of Avis Budget Group in the 3rd quarter worth approximately $97,951,000. Finally, National Bank of Canada FI grew its holdings in shares of Avis Budget Group by 166.7% in 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 acquiring an additional 550,239 shares in the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

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.