BidaskClub upgraded shares of Avis Budget Group (NASDAQ:CAR) from a buy rating to a strong-buy rating in a research note published on Thursday, BidAskClub reports.
Other equities research analysts have also recently issued reports about the stock. ValuEngine raised shares of Avis Budget Group from a strong sell rating to a sell rating in a research report on Tuesday, December 3rd. TheStreet upgraded shares of Avis Budget Group from a c rating to a b- rating in a report on Friday, December 6th. Deutsche Bank restated a hold rating and issued a $31.00 price target on shares of Avis Budget Group in a report on Wednesday, November 20th. Jefferies Financial Group initiated coverage on shares of Avis Budget Group in a report on Thursday, November 21st. They issued a buy rating for the company. Finally, Barclays restated a hold rating and issued a $33.00 price target on shares of Avis Budget Group in a report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $34.40.
Avis Budget Group stock traded down $0.89 during trading hours on Thursday, hitting $34.99. The company had a trading volume of 624,108 shares, compared to its average volume of 1,166,479. The firm has a market cap of $2.66 billion, a P/E ratio of 9.59 and a beta of 2.09. The company has a debt-to-equity ratio of 34.23, a quick ratio of 0.94 and a current ratio of 0.94. Avis Budget Group has a 1 year low of $23.86 and a 1 year high of $37.27. The company has a 50-day moving average price of $32.50 and a two-hundred day moving average price of $30.66.
Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Thursday, October 31st. The business services provider reported $2.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.65 by ($0.69). The company had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.84 billion. Avis Budget Group had a net margin of 1.91% and a return on equity of 66.13%. Avis Budget Group’s quarterly revenue was down .9% on a year-over-year basis. During the same period last year, the firm earned $3.33 earnings per share. As a group, equities research analysts anticipate that Avis Budget Group will post 3.45 EPS for the current year.
In other news, CEO Shon Larry D. De sold 25,000 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $33.00, for a total value of $825,000.00. Following the sale, the chief executive officer now directly owns 270,574 shares of the company’s stock, valued at approximately $8,928,942. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.20% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Convergence Investment Partners LLC boosted its holdings in Avis Budget Group by 9.7% during the third quarter. Convergence Investment Partners LLC now owns 4,129 shares of the business services provider’s stock worth $117,000 after buying an additional 364 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in Avis Budget Group by 25.4% during the third quarter. Oppenheimer Asset Management Inc. now owns 4,132 shares of the business services provider’s stock worth $117,000 after acquiring an additional 838 shares during the period. Macquarie Group Ltd. acquired a new position in Avis Budget Group during the second quarter worth $151,000. Dupont Capital Management Corp raised its position in Avis Budget Group by 10.2% during the third quarter. Dupont Capital Management Corp now owns 5,913 shares of the business services provider’s stock worth $167,000 after acquiring an additional 549 shares during the period. Finally, World Asset Management Inc raised its position in Avis Budget Group by 8.3% during the third quarter. World Asset Management Inc now owns 8,441 shares of the business services provider’s stock worth $239,000 after acquiring an additional 650 shares during the period. 99.87% of the stock is currently owned by hedge funds and other institutional investors.
About Avis Budget Group
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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