Avis Budget Group, Inc. (CAR) Rating Lowered to Neutral at Credit Suisse Group
Avis Budget Group, Inc. (NASDAQ:CAR) was downgraded by research analysts at Credit Suisse Group from an “outperform” rating to a “neutral” rating in a research note issued on Friday. They currently have a $38.00 price objective on the stock. Credit Suisse Group’s price target would indicate a potential upside of 12.56% from the company’s previous close.
A number of other research analysts also recently commented on the company. Zacks Investment Research downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a report on Tuesday, February 14th. MKM Partners set a $47.00 price target on Avis Budget Group and gave the stock a “buy” rating in a report on Thursday, December 15th. TheStreet raised Avis Budget Group from a “hold” rating to a “buy” rating in a report on Monday, November 28th. Morgan Stanley raised their price target on Avis Budget Group from $20.00 to $27.00 and gave the stock an “underweight” rating in a report on Friday, November 18th. Finally, Goldman Sachs Group, Inc. (The) initiated coverage on Avis Budget Group in a report on Monday, October 24th. They issued a “neutral” rating and a $30.00 price target on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. Avis Budget Group has an average rating of “Hold” and an average price target of $36.16.
Avis Budget Group (NASDAQ:CAR) traded down 5.59% during mid-day trading on Friday, reaching $33.76. The company’s stock had a trading volume of 6,249,737 shares. Avis Budget Group has a 52 week low of $21.73 and a 52 week high of $41.53. The firm has a market capitalization of $2.97 billion, a P/E ratio of 19.29 and a beta of 2.03. The firm’s 50 day moving average price is $37.21 and its 200 day moving average price is $36.56.
Avis Budget Group (NASDAQ:CAR) last released its earnings results on Wednesday, February 15th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by $0.02. Avis Budget Group had a return on equity of 68.51% and a net margin of 2.18%. The firm had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.96 billion. On average, analysts anticipate that Avis Budget Group will post $3.45 EPS for the current fiscal year.
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In related news, EVP Michael K. Tucker sold 2,439 shares of the firm’s stock in a transaction that occurred on Monday, November 21st. The stock was sold at an average price of $39.05, for a total value of $95,242.95. Following the sale, the executive vice president now directly owns 58,210 shares in the company, valued at approximately $2,273,100.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Ronald L. Nelson sold 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 1st. The shares were sold at an average price of $39.00, for a total value of $5,850,000.00. Following the completion of the sale, the insider now owns 737,974 shares in the company, valued at $28,780,986. The disclosure for this sale can be found here. 2.80% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. Meeder Asset Management Inc. acquired a new stake in Avis Budget Group during the third quarter valued at approximately $100,000. LS Investment Advisors LLC acquired a new stake in Avis Budget Group during the third quarter valued at approximately $220,000. Weiss Asset Management LP acquired a new stake in Avis Budget Group during the third quarter valued at approximately $230,000. Calvert Investment Management Inc. boosted its stake in Avis Budget Group by 2.7% in the second quarter. Calvert Investment Management Inc. now owns 7,749 shares of the company’s stock valued at $250,000 after buying an additional 201 shares in the last quarter. Finally, World Asset Management Inc acquired a new stake in Avis Budget Group during the third quarter valued at approximately $258,000.
About Avis Budget Group
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis is a rental car supplier and Budget is a rental vehicle supplier. It also owns Payless, which a car rental brand, and Apex, which is a car rental brand in New Zealand and Australia.
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