Avis Budget Group (NASDAQ:CAR) Trading 5.5% Higher – Still a Buy?

Avis Budget Group, Inc. (NASDAQ:CAR)’s stock price rose 5.5% during trading on Monday . The stock traded as high as $145.93 and last traded at $145.68. 194,291 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 1,426,771 shares. The stock had previously closed at $138.12.

Analysts Set New Price Targets

Several research firms have weighed in on CAR. Wall Street Zen cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Morgan Stanley increased their target price on Avis Budget Group from $97.00 to $99.00 and gave the company an “equal weight” rating in a report on Wednesday, May 20th. Susquehanna raised their target price on Avis Budget Group from $105.00 to $140.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Barclays set a $160.00 target price on Avis Budget Group and gave the stock an “equal weight” rating in a research report on Monday, June 8th. Finally, Zacks Research lowered Avis Budget Group from a “hold” rating to a “strong sell” rating in a research report on Monday, August 3rd. Five research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $135.57.

Avis Budget Group Stock Up 5.7%

The firm has a market capitalization of $5.16 billion, a PE ratio of -8.03 and a beta of 1.92. The business’s 50-day moving average price is $152.67 and its 200-day moving average price is $170.25.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Tuesday, July 28th. The business services provider reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($1.07). The company had revenue of $3 billion for the quarter, compared to analysts’ expectations of $3.10 billion. The business’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.10 earnings per share. On average, analysts anticipate that Avis Budget Group, Inc. will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Avis Budget Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd increased its stake in shares of Avis Budget Group by 1,845.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock worth $27,000 after acquiring an additional 203 shares during the last quarter. Quarry LP purchased a new stake in shares of Avis Budget Group during the fourth quarter worth $27,000. Basepoint Wealth LLC acquired a new stake in Avis Budget Group during the fourth quarter valued at $32,000. Hollencrest Capital Management acquired a new stake in Avis Budget Group during the first quarter valued at $44,000. Finally, Hantz Financial Services Inc. grew its stake in Avis Budget Group by 70.4% in the fourth quarter. Hantz Financial Services Inc. now owns 431 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 178 shares in the last quarter. 96.35% of the stock is currently owned by hedge funds and other 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.