Brokerages Set Avis Budget Group, Inc. (NASDAQ:CAR) PT at $125.00

Shares of Avis Budget Group, Inc. (NASDAQ:CAR) have earned an average rating of “Reduce” from the ten brokerages that are covering the company, Marketbeat reports. Five investment analysts have rated the stock with a sell recommendation and five have issued a hold recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $125.00.

Several research firms recently issued reports on CAR. Morgan Stanley reduced their price target on shares of Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating on the stock in a research report on Friday, March 6th. The Goldman Sachs Group set a $85.00 price target on shares of Avis Budget Group in a research report on Monday, February 23rd. Barclays reduced their price target on shares of Avis Budget Group from $150.00 to $140.00 and set an “underweight” rating on the stock in a research note on Tuesday. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $125.00 price objective on shares of Avis Budget Group in a research report on Friday, May 1st. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st.

Avis Budget Group Trading Down 5.4%

NASDAQ CAR opened at $145.75 on Tuesday. The firm has a market capitalization of $5.15 billion, a price-to-earnings ratio of -7.65 and a beta of 1.91. The firm’s 50 day simple moving average is $201.79 and its 200 day simple moving average is $154.59. Avis Budget Group has a 1 year low of $85.96 and a 1 year high of $847.70.

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 (EPS) for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The company had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.43 billion. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the company earned ($14.35) EPS. On average, equities research analysts forecast that Avis Budget Group will post 3.72 earnings per share for the current year.

Insider Activity at Avis Budget Group

In other Avis Budget Group news, EVP Ravi Simhambhatla sold 3,469 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $184.09, for a total value of $638,608.21. Following the sale, the executive vice president owned 13,876 shares in the company, valued at $2,554,432.84. This trade represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Edward P. Linnen sold 9,483 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $182.32, for a total transaction of $1,728,940.56. Following the completion of the sale, the executive vice president owned 37,932 shares in the company, valued at $6,915,762.24. This represents a 20.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 18,249 shares of company stock worth $4,014,515. Corporate insiders own 50.48% of the company’s stock.

Institutional Trading of Avis Budget Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its holdings in shares of Avis Budget Group by 19.6% during the second 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 during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Avis Budget Group by 26.5% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock worth $58,000 after purchasing an additional 76 shares during the last quarter. Deseret Mutual Benefit Administrators increased its position in Avis Budget Group by 102.3% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 88 shares during the period. Oregon Public Employees Retirement Fund increased its position in Avis Budget Group by 3.0% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 3,474 shares of the business services provider’s stock valued at $507,000 after acquiring an additional 100 shares during the period. Finally, State of Michigan Retirement System increased its position in Avis Budget Group by 2.5% in the 1st quarter. State of Michigan Retirement System now owns 4,073 shares of the business services provider’s stock valued at $594,000 after acquiring an additional 100 shares during the period. 96.35% of the stock is currently owned by institutional investors.

About Avis Budget Group

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.