Avis Budget Group (NASDAQ:CAR) Stock Price Down 4.3% – What’s Next?

by · The Cerbat Gem

Avis Budget Group, Inc. (NASDAQ:CAR – Get Free Report)’s stock price fell 4.3% during mid-day trading on Thursday . The stock traded as low as $83.16 and last traded at $83.89. 245,272 shares changed hands during trading, a decline of 65% from the average session volume of 706,143 shares. The stock had previously closed at $87.65.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft decreased their target price on Avis Budget Group from $155.00 to $146.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. StockNews.com lowered shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. Susquehanna reduced their target price on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Barclays began coverage on Avis Budget Group in a research note on Thursday, September 19th. They set an “equal weight” rating and a $105.00 price target for the company. Finally, JPMorgan Chase & Co. reduced their price objective on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Avis Budget Group has a consensus rating of “Hold” and a consensus target price of $138.50.

Read Our Latest Stock Report on CAR

Avis Budget Group Price Performance

The stock has a market cap of $3.02 billion, a PE ratio of 2.77 and a beta of 2.13. The business has a 50 day moving average price of $83.49 and a two-hundred day moving average price of $101.09.

Avis Budget Group (NASDAQ:CAR – Get Free Report) last announced its quarterly earnings results on Monday, August 5th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.60 by ($2.19). Avis Budget Group had a net margin of 6.58% and a negative return on equity of 230.71%. The business had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter in the prior year, the firm earned $11.01 EPS. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, sell-side analysts forecast that Avis Budget Group, Inc. will post 7.68 earnings per share for the current fiscal year.

Institutional Trading of Avis Budget Group

Large investors have recently added to or reduced their stakes in the stock. State of Michigan Retirement System raised its position in shares of Avis Budget Group by 2.2% in the 1st quarter. State of Michigan Retirement System now owns 4,573 shares of the business services provider’s stock worth $560,000 after acquiring an additional 100 shares in the last quarter. Denali Advisors LLC lifted its position in Avis Budget Group by 94.1% during the first quarter. Denali Advisors LLC now owns 231 shares of the business services provider’s stock valued at $28,000 after buying an additional 112 shares during the period. EntryPoint Capital LLC boosted its holdings in shares of Avis Budget Group by 119.2% during the 1st quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider’s stock valued at $28,000 after buying an additional 124 shares in the last quarter. SummerHaven Investment Management LLC grew its position in shares of Avis Budget Group by 4.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 3,223 shares of the business services provider’s stock worth $337,000 after buying an additional 138 shares during the period. Finally, US Bancorp DE grew its position in shares of Avis Budget Group by 5.2% in the 1st quarter. US Bancorp DE now owns 3,123 shares of the business services provider’s stock worth $382,000 after buying an additional 155 shares during the period. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Company Profile

(Get Free Report)

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.

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