Avis Budget Group (NASDAQ:CAR) was downgraded by equities research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Wednesday.
Other equities research analysts have also recently issued research reports about the company. Deutsche Bank boosted their target price on Avis Budget Group from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. ValuEngine cut Avis Budget Group from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, May 2nd. TheStreet cut Avis Budget Group from a “b-” rating to a “c” rating in a research note on Wednesday, May 2nd. Barclays boosted their target price on Avis Budget Group from $33.00 to $41.00 and gave the company an “equal weight” rating in a research note on Thursday, April 26th. Finally, Zacks Investment Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 27th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Avis Budget Group currently has an average rating of “Buy” and an average price target of $40.64.
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NASDAQ CAR traded down $1.57 during trading on Wednesday, hitting $41.87. The stock had a trading volume of 2,994,961 shares, compared to its average volume of 2,413,137. The stock has a market capitalization of $3.61 billion, a price-to-earnings ratio of 14.69 and a beta of 2.19. The company has a debt-to-equity ratio of 30.69, a quick ratio of 1.18 and a current ratio of 1.18. Avis Budget Group has a 12 month low of $41.48 and a 12 month high of $43.59.
Avis Budget Group (NASDAQ:CAR) last released its earnings results on Wednesday, May 2nd. The business services provider reported ($0.74) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.02) by $0.28. The firm had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $1.92 billion. Avis Budget Group had a return on equity of 66.71% and a net margin of 4.24%. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.94) EPS. equities research analysts forecast that Avis Budget Group will post 3.47 EPS for the current year.
In related news, Director Stender E. Sweeney sold 2,878 shares of the business’s stock in a transaction that occurred on Friday, May 4th. The stock was sold at an average price of $45.00, for a total transaction of $129,510.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John D. Jr. Hardy sold 1,022 shares of the business’s stock in a transaction that occurred on Monday, May 7th. The stock was sold at an average price of $44.64, for a total value of $45,622.08. Following the transaction, the director now directly owns 1,022 shares in the company, valued at $45,622.08. The disclosure for this sale can be found here. Insiders have sold a total of 8,900 shares of company stock worth $400,732 in the last ninety days. Insiders own 1.60% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. Piermont Capital Management Inc. acquired a new position in shares of Avis Budget Group during the 1st quarter worth approximately $430,000. Systematic Financial Management LP acquired a new position in shares of Avis Budget Group during the 1st quarter worth approximately $1,397,000. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Avis Budget Group by 65.2% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 22,732 shares of the business services provider’s stock worth $1,065,000 after acquiring an additional 8,969 shares during the last quarter. Alambic Investment Management L.P. increased its holdings in shares of Avis Budget Group by 176.0% during the 1st quarter. Alambic Investment Management L.P. now owns 23,740 shares of the business services provider’s stock worth $1,112,000 after acquiring an additional 15,140 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new position in shares of Avis Budget Group during the 1st quarter worth approximately $2,579,000.
Avis Budget Group Company Profile
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 5,450 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 19,000 vehicles, which are rented through a network of approximately 925 dealer-operated and 450 company-operated locations that serve the consumer and light commercial sectors in the continental United States.