Avis Budget Group (NASDAQ:CAR) Given New $170.00 Price Target at JPMorgan Chase & Co.

by · The Markets Daily

Avis Budget Group (NASDAQ:CAR – Get Free Report) had its price objective increased by equities research analysts at JPMorgan Chase & Co. from $155.00 to $170.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “underweight” rating on the business services provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 8.74% from the company’s previous close.

Other analysts also recently issued reports about the stock. Wall Street Zen raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Barclays set a $160.00 price objective on Avis Budget Group and gave the company an “equal weight” rating in a research report on Monday, June 8th. Jefferies Financial Group downgraded Avis Budget Group from a “buy” rating to a “hold” rating and boosted their target price for the stock from $112.00 to $160.00 in a research report on Friday, May 1st. Morgan Stanley boosted their price objective on shares of Avis Budget Group from $97.00 to $99.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 20th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avis Budget Group in a report on Wednesday, May 20th. Six equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $131.50.

Get Our Latest Stock Analysis on CAR

Avis Budget Group Stock Down 1.1%

NASDAQ:CAR opened at $186.28 on Tuesday. The stock has a market cap of $6.58 billion, a P/E ratio of -9.78 and a beta of 1.87. The business’s 50-day moving average price is $225.26 and its two-hundred day moving average price is $161.48. Avis Budget Group has a twelve month low of $85.96 and a twelve month high of $847.70.

Avis Budget Group (NASDAQ:CAR – Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter last year, the business posted ($14.35) EPS. The company’s revenue was up 4.1% compared to the same quarter last year. On average, equities research analysts expect that Avis Budget Group will post 2.93 EPS for the current fiscal year.

Insider Buying and Selling at Avis Budget Group

In related news, major shareholder Pentwater Capital Management L sold 3,347 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $438.74, for a total transaction of $1,468,462.78. Following the transaction, the insider owned 6,177,100 shares in the company, valued at $2,710,140,854. The trade was a 0.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Ravi Simhambhatla sold 3,469 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $184.09, for a total value of $638,608.21. Following the transaction, the executive vice president directly owned 13,876 shares of the company’s stock, valued at $2,554,432.84. The trade was a 20.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 16,299 shares of company stock valued at $3,836,012 in the last quarter. Company insiders own 50.48% of the company’s stock.

Hedge Funds Weigh In On Avis Budget Group

Several hedge funds have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd lifted its stake in 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 period. Quarry LP bought a new position in Avis Budget Group in the 4th quarter worth $27,000. Basepoint Wealth LLC bought a new position in Avis Budget Group in the 4th quarter worth $32,000. American Wealth Advisors LLC purchased a new stake in shares of Avis Budget Group in the 3rd quarter worth about $41,000. Finally, Hollencrest Capital Management purchased a new stake in shares of Avis Budget Group in the 1st quarter worth about $44,000. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Company Profile

(Get Free Report)

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.

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