Avis Budget Group (NASDAQ:CAR) Sets New 52-Week Low at $95.90

Avis Budget Group, Inc. (NASDAQ:CAR)’s share price reached a new 52-week low on Thursday . The stock traded as low as $95.90 and last traded at $97.06, with a volume of 218996 shares changing hands. The stock had previously closed at $103.30.

Analyst Ratings Changes

A number of brokerages have issued reports on CAR. The Goldman Sachs Group upgraded Avis Budget Group from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $118.00 to $130.00 in a research note on Thursday, April 4th. Morgan Stanley reduced their target price on Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating for the company in a report on Wednesday, April 10th. Susquehanna lowered their target price on shares of Avis Budget Group from $195.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 14th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Avis Budget Group from $202.00 to $183.00 and set a “buy” rating for the company in a research report on Thursday, April 18th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Avis Budget Group from $280.00 to $240.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 14th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $172.86.

Avis Budget Group Trading Down 4.1 %

The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of 2.28 and a beta of 2.22. The firm has a 50-day simple moving average of $112.32 and a two-hundred day simple moving average of $154.03.

Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Tuesday, February 13th. The business services provider reported $7.10 EPS for the quarter, topping the consensus estimate of $4.15 by $2.95. Avis Budget Group had a net margin of 13.59% and a negative return on equity of 696.69%. The company had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.81 billion. During the same period last year, the firm earned $10.46 earnings per share. The business’s revenue for the quarter was down .3% on a year-over-year basis. On average, sell-side analysts forecast that Avis Budget Group, Inc. will post 14.73 earnings per share for the current year.

Hedge Funds Weigh In On Avis Budget Group

Several large investors have recently bought and sold shares of CAR. Aigen Investment Management LP raised its holdings in Avis Budget Group by 4.8% in the 4th quarter. Aigen Investment Management LP now owns 1,303 shares of the business services provider’s stock valued at $231,000 after buying an additional 60 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Avis Budget Group by 3.2% during the fourth quarter. Janney Montgomery Scott LLC now owns 2,540 shares of the business services provider’s stock worth $450,000 after purchasing an additional 79 shares during the period. Arizona State Retirement System increased its holdings in Avis Budget Group by 1.4% in the third quarter. Arizona State Retirement System now owns 6,226 shares of the business services provider’s stock valued at $1,119,000 after purchasing an additional 84 shares during the period. New York Life Investment Management LLC lifted its holdings in Avis Budget Group by 4.0% during the 4th quarter. New York Life Investment Management LLC now owns 2,265 shares of the business services provider’s stock worth $401,000 after buying an additional 87 shares during the period. Finally, Vanguard Personalized Indexing Management LLC raised its holdings in Avis Budget Group by 2.1% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 4,270 shares of the business services provider’s stock worth $767,000 after purchasing an additional 89 shares during the last quarter. 96.35% of the stock is currently owned by institutional investors.

About Avis Budget Group

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.