JPMorgan Chase & Co. Cuts Avis Budget Group (NASDAQ:CAR) Price Target to $150.00

Avis Budget Group (NASDAQ:CAR) had its price objective reduced by JPMorgan Chase & Co. from $175.00 to $150.00 in a research note issued to investors on Monday, Benzinga reports. They currently have an overweight rating on the business services provider’s stock.

A number of other analysts also recently weighed in on CAR. The Goldman Sachs Group dropped their target price on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating for the company in a research report on Friday, October 11th. Barclays initiated coverage on shares of Avis Budget Group in a report on Thursday, September 19th. They set an “equal weight” rating and a $105.00 target price on the stock. StockNews.com downgraded shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Susquehanna reduced their price objective 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. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Avis Budget Group from $155.00 to $146.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $133.13.

Avis Budget Group Price Performance

Shares of NASDAQ:CAR opened at $96.43 on Monday. Avis Budget Group has a one year low of $65.73 and a one year high of $204.77. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of 8.81 and a beta of 2.14. The company’s fifty day moving average price is $82.35 and its 200-day moving average price is $96.44.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Thursday, October 31st. The business services provider reported $6.65 EPS for the quarter, missing analysts’ consensus estimates of $8.55 by ($1.90). Avis Budget Group had a net margin of 3.34% and a negative return on equity of 89.12%. The firm had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.53 billion. During the same period in the prior year, the company earned $16.78 EPS. The firm’s revenue was down 2.4% compared to the same quarter last year. As a group, equities research analysts expect that Avis Budget Group will post 6.66 EPS for the current year.

Institutional Investors Weigh In On Avis Budget Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. State of Michigan Retirement System raised its holdings in shares of Avis Budget Group by 2.2% during the first quarter. State of Michigan Retirement System now owns 4,573 shares of the business services provider’s stock valued at $560,000 after acquiring an additional 100 shares in the last quarter. EntryPoint Capital LLC raised its holdings in Avis Budget Group by 119.2% in the 1st quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider’s stock worth $28,000 after purchasing an additional 124 shares in the last quarter. SummerHaven Investment Management LLC lifted 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 purchasing an additional 138 shares during the period. US Bancorp DE boosted its stake in shares of Avis Budget Group by 5.2% during the 1st quarter. US Bancorp DE now owns 3,123 shares of the business services provider’s stock valued at $382,000 after purchasing an additional 155 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL increased its position in shares of Avis Budget Group by 198.3% during the third quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider’s stock valued at $32,000 after buying an additional 240 shares during the period. Hedge funds and other 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.