Avis Budget Group (NASDAQ:CAR - Get Free Report) had its price target decreased by analysts at JPMorgan Chase & Co. from $175.00 to $150.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an "overweight" rating on the business services provider's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 63.92% from the company's current price.
Other research analysts have also issued reports about the stock. The Goldman Sachs Group reduced their price target on shares of Avis Budget Group from $105.00 to $90.00 and set a "neutral" rating for the company in a research report on Friday, October 11th. StockNews.com cut shares of Avis Budget Group from a "hold" rating to a "sell" rating in a report on Wednesday, August 14th. Susquehanna cut their price target on shares of Avis Budget Group from $120.00 to $95.00 and set a "neutral" rating on the stock in a report on Friday, August 9th. Barclays began coverage on Avis Budget Group in a research report on Thursday, September 19th. They issued an "equal weight" rating and a $105.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Avis Budget Group from $155.00 to $146.00 and set a "buy" rating on the stock in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, Avis Budget Group currently has a consensus rating of "Hold" and a consensus price target of $133.50.
Read Our Latest Stock Analysis on CAR
CAR stock traded down $0.55 during midday trading on Monday, reaching $91.51. 100,268 shares of the company's stock traded hands, compared to its average volume of 718,333. The company has a market cap of $3.26 billion, a price-to-earnings ratio of 8.39 and a beta of 2.14. Avis Budget Group has a 52 week low of $65.73 and a 52 week high of $204.77. The firm's fifty day moving average price is $81.98 and its 200-day moving average price is $96.62.
Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $8.55 by ($1.90). Avis Budget Group had a negative return on equity of 89.12% and a net margin of 3.34%. The firm had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.53 billion. During the same period in the previous year, the company posted $16.78 earnings per share. The company's revenue for the quarter was down 2.4% on a year-over-year basis. Analysts forecast that Avis Budget Group will post 6.66 earnings per share for the current year.
Several institutional investors and hedge funds have recently bought and sold shares of the company. EntryPoint Capital LLC raised its holdings in shares of Avis Budget Group by 119.2% during the first quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider's stock valued at $28,000 after acquiring an additional 124 shares during the last quarter. Central Valley Advisors LLC purchased a new position in Avis Budget Group in the 2nd quarter valued at $25,000. Strategic Investment Solutions Inc. IL boosted its stake in Avis Budget Group by 198.3% during the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider's stock worth $32,000 after purchasing an additional 240 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Avis Budget Group by 293.3% during the third quarter. Nisa Investment Advisors LLC now owns 409 shares of the business services provider's stock worth $36,000 after buying an additional 305 shares in the last quarter. Finally, Signaturefd LLC raised its position in shares of Avis Budget Group by 180.0% in the second quarter. Signaturefd LLC now owns 714 shares of the business services provider's stock valued at $75,000 after buying an additional 459 shares during the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.
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.
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