Avis Budget Group (NASDAQ:CAR) Rating Lowered to Neutral at Northcoast Research

Northcoast Research cut shares of Avis Budget Group (NASDAQ:CAR) from a buy rating to a neutral rating in a research report report published on Monday morning, Marketbeat reports.

A number of other equities analysts also recently weighed in on CAR. JPMorgan Chase & Co. lowered their target price on shares of Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Susquehanna reduced their price objective on shares of Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. StockNews.com raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. The Goldman Sachs Group lowered their price target on shares of Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating for the company in a report on Friday, October 11th. Finally, Barclays initiated coverage on shares of Avis Budget Group in a research note on Thursday, September 19th. They set an “equal weight” rating and a $105.00 target price for the company. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Avis Budget Group currently has a consensus rating of “Hold” and an average price target of $133.13.

Avis Budget Group Trading Down 1.0 %

Shares of NASDAQ CAR opened at $99.06 on Monday. The company has a fifty day moving average price of $86.82 and a 200 day moving average price of $96.18. Avis Budget Group has a 1-year low of $65.73 and a 1-year high of $204.77. The firm has a market cap of $3.48 billion, a PE ratio of 9.14 and a beta of 2.14.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly 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 101.41%. The company had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.53 billion. During the same quarter last year, the company posted $16.78 EPS. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. Equities research analysts forecast that Avis Budget Group will post 5.24 EPS for the current year.

Hedge Funds Weigh In On Avis Budget Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC lifted its position in shares of Avis Budget Group by 4.0% in the third quarter. FMR LLC now owns 3,354,546 shares of the business services provider’s stock valued at $293,825,000 after acquiring an additional 129,805 shares in the last quarter. Rubric Capital Management LP increased its stake in Avis Budget Group by 220.9% during the second quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider’s stock worth $72,147,000 after acquiring an additional 475,181 shares during the last quarter. State Street Corp grew its stake in shares of Avis Budget Group by 2.5% during the third quarter. State Street Corp now owns 672,227 shares of the business services provider’s stock valued at $58,880,000 after buying an additional 16,221 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Avis Budget Group by 0.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 592,341 shares of the business services provider’s stock valued at $51,883,000 after buying an additional 2,561 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Avis Budget Group by 19,203.5% in the third quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider’s stock valued at $421,350,000 after purchasing an additional 478,552 shares during the period. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

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.