Avis Budget Group (NASDAQ:CAR) Price Target Lowered to $140.00 at Bank of America

Avis Budget Group (NASDAQ:CAR) had its target price cut by Bank of America from $170.00 to $140.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the business services provider’s stock.

Several other equities analysts also recently commented on CAR. JPMorgan Chase & Co. cut their price target on shares of Avis Budget Group from $280.00 to $240.00 and set an overweight rating on the stock in a report on Wednesday, February 14th. The Goldman Sachs Group upgraded Avis Budget Group from a sell rating to a neutral rating and increased their price target for the stock from $118.00 to $130.00 in a report on Thursday, April 4th. StockNews.com upgraded Avis Budget Group from a sell rating to a hold rating in a report on Monday, February 12th. Morgan Stanley cut their price objective on Avis Budget Group from $190.00 to $187.00 and set an overweight rating on the stock in a research report on Wednesday, April 10th. Finally, Northcoast Research upgraded Avis Budget Group from a neutral rating to a buy rating and set a $155.00 target price for the company in a research report on Monday, March 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $164.57.

Avis Budget Group Price Performance

Shares of NASDAQ CAR opened at $115.60 on Wednesday. Avis Budget Group has a 1-year low of $93.53 and a 1-year high of $244.95. The business’s 50 day moving average is $111.63 and its two-hundred day moving average is $150.53. The stock has a market capitalization of $4.12 billion, a P/E ratio of 3.65 and a beta of 2.28.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Wednesday, May 1st. The business services provider reported ($3.21) earnings per share for the quarter, missing the consensus estimate of ($2.65) by ($0.56). The company had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.41 billion. Avis Budget Group had a net margin of 10.05% and a negative return on equity of 729.43%. The business’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the prior year, the firm posted $7.72 EPS. As a group, equities research analysts anticipate that Avis Budget Group will post 13.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avis Budget Group

A number of hedge funds and other institutional investors have recently made changes to their positions in CAR. Denali Advisors LLC raised its stake in Avis Budget Group by 94.1% in the first quarter. Denali Advisors LLC now owns 231 shares of the business services provider’s stock worth $28,000 after buying an additional 112 shares in the last quarter. Huntington National Bank increased its holdings in shares of Avis Budget Group by 101.0% in the 3rd quarter. Huntington National Bank now owns 209 shares of the business services provider’s stock valued at $38,000 after acquiring an additional 105 shares during the period. TFO Wealth Partners LLC raised its position in shares of Avis Budget Group by 15,550.0% in the 4th quarter. TFO Wealth Partners LLC now owns 313 shares of the business services provider’s stock worth $55,000 after acquiring an additional 311 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Avis Budget Group during the 4th quarter worth $79,000. Finally, CWM LLC boosted its position in Avis Budget Group by 248.2% during the third quarter. CWM LLC now owns 491 shares of the business services provider’s stock valued at $88,000 after purchasing an additional 350 shares in the last quarter. Institutional investors own 96.35% of the company’s stock.

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.