Avis Budget Group (NASDAQ:CAR) Lowered to Hold Rating by Deutsche Bank Aktiengesellschaft

Avis Budget Group (NASDAQ:CAR) was downgraded by Deutsche Bank Aktiengesellschaft from a “buy” rating to a “hold” rating in a report released on Monday, Marketbeat.com reports. They presently have a $128.00 target price on the business services provider’s stock. Deutsche Bank Aktiengesellschaft’s price objective would suggest a potential downside of 32.78% from the stock’s current price.

CAR has been the subject of several other research reports. Morgan Stanley lowered their target price on Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating for the company in a research note on Friday, March 6th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Wall Street Zen lowered shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. The Goldman Sachs Group set a $85.00 target price on shares of Avis Budget Group in a research report on Monday, February 23rd. Finally, Zacks Research lowered shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. Five research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Avis Budget Group has an average rating of “Reduce” and an average price target of $115.00.

Avis Budget Group Stock Performance

Shares of CAR stock opened at $190.42 on Monday. The company has a market cap of $6.71 billion, a PE ratio of -7.50 and a beta of 1.94. The company’s fifty day simple moving average is $114.65 and its 200-day simple moving average is $130.31. Avis Budget Group has a 52 week low of $62.17 and a 52 week high of $212.81.

Insider Transactions at Avis Budget Group

In related news, Director Lynn Krominga sold 1,950 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $91.54, for a total value of $178,503.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Pentwater Capital Management L acquired 425,000 shares of the business’s stock in a transaction on Friday, February 20th. The shares were purchased at an average price of $94.26 per share, for a total transaction of $40,060,500.00. Following the purchase, the insider directly owned 3,987,100 shares of the company’s stock, valued at $375,824,046. This represents a 11.93% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 52.80% of the company’s stock.

Institutional Investors Weigh In On Avis Budget Group

A number of institutional investors have recently made changes to their positions in the company. Deseret Mutual Benefit Administrators lifted its stake in Avis Budget Group by 102.3% during the third quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock worth $28,000 after purchasing an additional 88 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Avis Budget Group by 1,845.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 203 shares during the last quarter. Quarry LP bought a new stake in Avis Budget Group during the fourth quarter valued at $27,000. Basepoint Wealth LLC acquired a new stake in shares of Avis Budget Group during the fourth quarter worth $32,000. Finally, Hantz Financial Services Inc. raised its holdings in shares of Avis Budget Group by 136.4% during the third quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider’s stock worth $41,000 after purchasing an additional 146 shares during the period. 96.35% of the stock is currently owned by institutional investors.

Avis Budget Group Company Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.