Avis Budget Group (NASDAQ:CAR) Coverage Initiated at Barclays

Analysts at Barclays initiated coverage on shares of Avis Budget Group (NASDAQ:CAR) in a note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage set an “equal weight” rating and a $105.00 price target on the business services provider’s stock. Barclays‘s target price suggests a potential upside of 22.24% from the company’s previous close.

A number of other brokerages have also recently issued reports on CAR. Deutsche Bank Aktiengesellschaft lowered their price objective on Avis Budget Group from $155.00 to $146.00 and set a “buy” rating for the company in a research note on Friday, August 30th. JPMorgan Chase & Co. lowered their price objective on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. The Goldman Sachs Group lowered their price objective on Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. StockNews.com cut Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Finally, Susquehanna lowered their price objective on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, Avis Budget Group currently has a consensus rating of “Hold” and an average price target of $138.50.

Avis Budget Group Stock Performance

Shares of CAR stock opened at $85.90 on Thursday. The firm has a market cap of $3.06 billion, a P/E ratio of 2.71 and a beta of 2.14. Avis Budget Group has a fifty-two week low of $65.73 and a fifty-two week high of $204.77. The business’s 50 day moving average price is $88.09 and its 200-day moving average price is $103.38.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Monday, August 5th. The business services provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $2.60 by ($2.19). The firm had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Avis Budget Group had a net margin of 6.58% and a negative return on equity of 230.71%. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $11.01 EPS. As a group, equities analysts predict that Avis Budget Group will post 7.68 EPS for the current year.

Institutional Trading of Avis Budget Group

Several large investors have recently modified their holdings of CAR. Central Valley Advisors LLC bought a new stake in shares of Avis Budget Group in the second quarter worth $25,000. Denali Advisors LLC grew its holdings in shares of Avis Budget Group by 94.1% in the first quarter. Denali Advisors LLC now owns 231 shares of the business services provider’s stock worth $28,000 after acquiring an additional 112 shares during the period. EntryPoint Capital LLC grew its holdings in Avis Budget Group by 119.2% during the first quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 124 shares during the period. TFO Wealth Partners LLC grew its holdings in Avis Budget Group by 15,550.0% during the fourth quarter. TFO Wealth Partners LLC now owns 313 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 311 shares during the period. Finally, Signaturefd LLC increased its position in Avis Budget Group by 180.0% in the second quarter. Signaturefd LLC now owns 714 shares of the business services provider’s stock worth $75,000 after buying an additional 459 shares in the last quarter. Institutional investors own 96.35% of the company’s stock.

About Avis Budget Group

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.