Avis Budget Group Inc. (NASDAQ:CAR) Receives $29.83 Average Target Price from Brokerages

Shares of Avis Budget Group Inc. (NASDAQ:CAR) have been assigned an average recommendation of “Buy” from the eleven ratings firms that are covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $29.83.

CAR has been the subject of several recent research reports. TheStreet cut Avis Budget Group from a “c-” rating to a “d” rating in a research note on Tuesday, August 4th. ValuEngine upgraded Avis Budget Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 1st. Morgan Stanley upped their target price on Avis Budget Group from $37.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Barclays upped their target price on Avis Budget Group from $18.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 28th. They noted that the move was a valuation call. Finally, BidaskClub upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Friday, October 9th.

NASDAQ CAR opened at $31.95 on Thursday. The firm has a 50-day moving average price of $31.39 and a two-hundred day moving average price of $24.54. Avis Budget Group has a 12-month low of $6.35 and a 12-month high of $52.98. The company has a market capitalization of $2.23 billion, a P/E ratio of -6.84 and a beta of 2.60. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 52.72.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Tuesday, July 28th. The business services provider reported ($5.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($5.84) by $0.24. The business had revenue of $760.00 million during the quarter, compared to analysts’ expectations of $732.05 million. Avis Budget Group had a negative return on equity of 66.36% and a negative net margin of 4.15%. The firm’s revenue for the quarter was down 67.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.79 earnings per share. Equities analysts expect that Avis Budget Group will post -7.42 EPS for the current year.

In related news, Director Srs Investment Management, Llc purchased 67,816 shares of the stock in a transaction dated Monday, August 17th. The stock was bought at an average cost of $30.80 per share, for a total transaction of $2,088,732.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought 1,233,049 shares of company stock valued at $40,779,593 over the last quarter. Company insiders own 23.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of CAR. PNC Financial Services Group Inc. lifted its holdings in Avis Budget Group by 16.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,122 shares of the business services provider’s stock worth $48,000 after purchasing an additional 307 shares in the last quarter. Macquarie Group Ltd. increased its position in Avis Budget Group by 27.0% during the 2nd quarter. Macquarie Group Ltd. now owns 2,948 shares of the business services provider’s stock valued at $67,000 after purchasing an additional 626 shares during the period. Gradient Investments LLC increased its position in Avis Budget Group by 299.4% during the 2nd quarter. Gradient Investments LLC now owns 2,668 shares of the business services provider’s stock valued at $61,000 after purchasing an additional 2,000 shares during the period. New Mexico Educational Retirement Board increased its position in Avis Budget Group by 22.7% during the 1st quarter. New Mexico Educational Retirement Board now owns 13,500 shares of the business services provider’s stock valued at $188,000 after purchasing an additional 2,500 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Avis Budget Group by 33.4% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 13,374 shares of the business services provider’s stock valued at $186,000 after purchasing an additional 3,348 shares during the period. Institutional investors and hedge funds own 96.20% of the company’s stock.

Avis Budget Group Company Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.

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Analyst Recommendations for Avis Budget Group (NASDAQ:CAR)

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