Zacks Investment Research upgraded shares of Avis Budget Group, Inc. (NASDAQ:CAR) from a hold rating to a buy rating in a report released on Wednesday, October 18th. They currently have $46.00 target price on the business services provider’s stock.
According to Zacks, “Avis Budget is aggressively increasing its presence in existing markets, while foraying in new markets like Iceland and Costa Rica. At the same time, the company is focusing on expanding its Budget brand, taking its multi-brand strategy to the next level. Anticipating strong travel trends for both leisure and commercial travelers and projecting sustained expansion of these trends, we believe that Avis Budget’s various acquisitions and collaborations will enhance its operational foothold in global markets. Moreover, sustained productivity growth, implementation of pricing initiatives and potential revenue-generating synergies from acquisitions bode well for the future. However, volatility in market demand, foreign currency risks and dependence on third-parties remain additional headwinds, leading to a tempered guidance. The company also underperformed the industry year to date.”
CAR has been the subject of a number of other research reports. ValuEngine raised shares of Avis Budget Group from a hold rating to a buy rating in a report on Thursday, July 6th. Deutsche Bank AG reaffirmed a buy rating and issued a $49.00 price objective (up previously from $44.00) on shares of Avis Budget Group in a report on Friday, October 6th. Morgan Stanley decreased their price objective on shares of Avis Budget Group from $19.00 to $18.00 and set an underweight rating for the company in a report on Friday, August 25th. B. Riley began coverage on shares of Avis Budget Group in a report on Friday, September 22nd. They issued a buy rating and a $36.00 price objective for the company. Finally, BidaskClub raised shares of Avis Budget Group from a buy rating to a strong-buy rating in a report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $38.20.
Shares of Avis Budget Group (NASDAQ:CAR) traded down 0.07% on Wednesday, hitting $41.26. 1,411,959 shares of the company were exchanged. The company has a 50-day moving average price of $39.10 and a 200 day moving average price of $31.32. Avis Budget Group has a 52-week low of $20.71 and a 52-week high of $41.73. The firm has a market cap of $3.41 billion, a P/E ratio of 48.60 and a beta of 2.48.
Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Monday, August 7th. The business services provider reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.32). The business had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.27 billion. Avis Budget Group had a return on equity of 74.80% and a net margin of 0.86%. The business’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.63 EPS. Analysts predict that Avis Budget Group will post $2.64 EPS for the current fiscal year.
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In other Avis Budget Group news, insider Ronald L. Nelson sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $37.30, for a total value of $5,595,000.00. Following the sale, the insider now directly owns 510,714 shares in the company, valued at $19,049,632.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ronald L. Nelson sold 250,000 shares of Avis Budget Group stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $41.02, for a total transaction of $10,255,000.00. The disclosure for this sale can be found here. Insiders sold 435,708 shares of company stock worth $17,133,212 over the last quarter. 2.80% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of CAR. Karp Capital Management Corp bought a new stake in shares of Avis Budget Group during the first quarter valued at about $531,000. Ameriprise Financial Inc. raised its stake in shares of Avis Budget Group by 1.0% during the first quarter. Ameriprise Financial Inc. now owns 236,174 shares of the business services provider’s stock valued at $6,986,000 after purchasing an additional 2,294 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Avis Budget Group by 997.5% during the first quarter. JPMorgan Chase & Co. now owns 113,684 shares of the business services provider’s stock valued at $3,362,000 after purchasing an additional 103,326 shares in the last quarter. OppenheimerFunds Inc. raised its stake in shares of Avis Budget Group by 32.2% during the first quarter. OppenheimerFunds Inc. now owns 63,185 shares of the business services provider’s stock valued at $1,869,000 after purchasing an additional 15,408 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Avis Budget Group by 0.5% during the first quarter. Principal Financial Group Inc. now owns 336,979 shares of the business services provider’s stock valued at $9,968,000 after purchasing an additional 1,643 shares in the last quarter.
Avis Budget Group Company Profile
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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