Avis Budget Group (NASDAQ:CAR) Price Target Cut to $120.00

Avis Budget Group (NASDAQ:CAR) had its price target decreased by investment analysts at The Goldman Sachs Group from $140.00 to $120.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the business services provider’s stock. The Goldman Sachs Group’s price objective indicates a potential upside of 21.89% from the company’s current price.

Several other brokerages have also issued reports on CAR. StockNews.com lowered shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Avis Budget Group from $202.00 to $183.00 and set a “buy” rating for the company in a report on Thursday, April 18th. Northcoast Research raised shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 price objective on the stock in a research note on Monday, March 25th. Bank of America cut their price target on Avis Budget Group from $170.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. Finally, Susquehanna cut their price objective on Avis Budget Group from $145.00 to $117.00 and set a “neutral” rating for the company in a research report on Tuesday, April 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $163.14.

Avis Budget Group Price Performance

CAR stock traded down $3.58 during mid-day trading on Wednesday, reaching $98.45. The company had a trading volume of 225,905 shares, compared to its average volume of 759,078. The company has a market capitalization of $3.51 billion, a PE ratio of 3.11 and a beta of 2.21. The firm has a 50 day moving average of $111.23 and a 200 day moving average of $126.05. Avis Budget Group has a 12 month low of $93.53 and a 12 month high of $244.95.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Wednesday, May 1st. The business services provider reported ($3.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.65) by ($0.56). The firm had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.41 billion. Avis Budget Group had a negative return on equity of 480.48% and a net margin of 10.05%. The firm’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period last year, the company earned $7.72 EPS. Analysts anticipate that Avis Budget Group will post 12.4 EPS for the current year.

Institutional Trading of Avis Budget Group

A number of hedge funds and other institutional investors have recently modified their holdings of CAR. Par Capital Management Inc. boosted its holdings in Avis Budget Group by 16.1% in the 4th quarter. Par Capital Management Inc. now owns 848,959 shares of the business services provider’s stock valued at $150,486,000 after purchasing an additional 117,600 shares during the last quarter. Hsbc Holdings PLC increased its position 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 purchasing an additional 40,314 shares during the last quarter. Hudson Bay Capital Management LP acquired a new position in Avis Budget Group in the third quarter valued at about $62,892,000. Massachusetts Financial Services Co. MA boosted its stake in Avis Budget Group by 47.8% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 327,275 shares of the business services provider’s stock worth $58,013,000 after buying an additional 105,867 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Avis Budget Group by 18.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 296,355 shares of the business services provider’s stock valued at $52,534,000 after acquiring an additional 46,021 shares during the period. 96.35% of the stock is owned by institutional investors and hedge funds.

About Avis Budget Group

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.