Avis Budget Group (NASDAQ:CAR) Earns Equal Weight Rating from Analysts at Barclays

Barclays began coverage on shares of Avis Budget Group (NASDAQ:CAR) in a research report released on Thursday morning, MarketBeat.com reports. The firm issued an equal weight rating and a $105.00 target price on the business services provider’s stock.

CAR has been the subject of a number of other reports. The Goldman Sachs Group decreased their target price on Avis Budget Group from $120.00 to $105.00 and set a neutral rating for the company in a research report 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. Deutsche Bank Aktiengesellschaft cut their target price on shares of Avis Budget Group from $155.00 to $146.00 and set a buy rating for the company in a research report on Friday, August 30th. Susquehanna lowered their price target on shares of Avis Budget Group from $120.00 to $95.00 and set a neutral rating on the stock in a research report on Friday, August 9th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $138.50.

Avis Budget Group Price Performance

NASDAQ CAR opened at $85.90 on Thursday. The stock has a market capitalization of $3.06 billion, a price-to-earnings ratio of 2.71 and a beta of 2.14. The business’s fifty day moving average is $88.09 and its 200-day moving average is $103.37. Avis Budget Group has a one year low of $65.73 and a one year high of $204.77.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Monday, August 5th. The business services provider reported $0.41 earnings per share 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 company had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter in the previous year, the firm earned $11.01 earnings per share. The firm’s revenue was down 2.4% compared to the same quarter last year. Research analysts expect that Avis Budget Group will post 7.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CAR. Par Capital Management Inc. increased its position in shares of Avis Budget Group by 16.1% in the fourth quarter. Par Capital Management Inc. now owns 848,959 shares of the business services provider’s stock worth $150,486,000 after purchasing an additional 117,600 shares during the last quarter. Rubric Capital Management LP increased its holdings in shares of Avis Budget Group by 220.9% in the 2nd quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider’s stock worth $72,147,000 after buying an additional 475,181 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Avis Budget Group by 17.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 589,780 shares of the business services provider’s stock valued at $61,644,000 after buying an additional 88,279 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Avis Budget Group by 11.1% during the 4th quarter. Hsbc Holdings PLC now owns 403,279 shares of the business services provider’s stock worth $71,305,000 after acquiring an additional 40,314 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Avis Budget Group by 18.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 296,355 shares of the business services provider’s stock worth $52,534,000 after acquiring an additional 46,021 shares during the last quarter. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Company Profile

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.