Avis Budget Group (NASDAQ:CAR) Given New $140.00 Price Target at Susquehanna

Avis Budget Group (NASDAQ:CAR) had its price objective upped by Susquehanna from $105.00 to $140.00 in a research note released on Friday, MarketBeat reports. The firm currently has a neutral rating on the business services provider’s stock.

A number of other research firms have also recently weighed in on CAR. Jefferies Financial Group cut Avis Budget Group from a “buy” rating to a “hold” rating and increased their price target for the company from $112.00 to $160.00 in a research note on Friday, May 1st. Morgan Stanley decreased their price objective on Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating on the stock in a report on Friday, March 6th. The Goldman Sachs Group set a $85.00 price objective on Avis Budget Group in a report on Monday, February 23rd. Wall Street Zen raised Avis Budget Group from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, JPMorgan Chase & Co. decreased their price objective on Avis Budget Group from $165.00 to $140.00 and set an “underweight” rating on the stock in a report on Friday, May 1st. Five investment analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $125.00.

Avis Budget Group Trading Down 5.4%

CAR opened at $145.75 on Friday. Avis Budget Group has a 1-year low of $85.96 and a 1-year high of $847.70. The stock’s fifty day simple moving average is $201.79 and its 200 day simple moving average is $154.59. The stock has a market cap of $5.15 billion, a PE ratio of -7.65 and a beta of 1.91.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($6.82) by ($1.19). The company had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the business posted ($14.35) EPS. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. Equities analysts forecast that Avis Budget Group will post 3.72 earnings per share for the current year.

Insider Transactions at Avis Budget Group

In other news, EVP Edward P. Linnen sold 9,483 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $182.32, for a total transaction of $1,728,940.56. Following the sale, the executive vice president directly owned 37,932 shares of the company’s stock, valued at approximately $6,915,762.24. This represents a 20.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lynn Krominga sold 1,950 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $91.54, for a total value of $178,503.00. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 18,249 shares of company stock valued at $4,014,515. Corporate insiders own 50.48% of the company’s stock.

Institutional Trading of Avis Budget Group

Several large investors have recently modified their holdings of CAR. Royal Bank of Canada grew its holdings in shares of Avis Budget Group by 414.0% during the 1st quarter. Royal Bank of Canada now owns 17,860 shares of the business services provider’s stock worth $1,355,000 after purchasing an additional 14,385 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Avis Budget Group by 10.1% during the 1st quarter. Empowered Funds LLC now owns 3,749 shares of the business services provider’s stock worth $285,000 after purchasing an additional 343 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Avis Budget Group by 16.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,023 shares of the business services provider’s stock worth $4,935,000 after purchasing an additional 9,246 shares in the last quarter. Prudential Financial Inc. acquired a new stake in shares of Avis Budget Group during the 2nd quarter worth $352,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Avis Budget Group by 19.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock worth $72,000 after purchasing an additional 70 shares in the last quarter. 96.35% of the stock is owned by institutional investors and hedge funds.

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.