Avis Budget Group (NASDAQ:CAR – Get Rating) had its target price raised by Morgan Stanley from $140.00 to $150.00 in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The brokerage currently has an “underweight” rating on the business services provider’s stock. Morgan Stanley’s price objective indicates a potential downside of 18.53% from the company’s previous close.
Several other analysts also recently commented on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Avis Budget Group from $184.00 to $229.00 in a report on Wednesday. Bank of America downgraded shares of Avis Budget Group from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $250.00 to $240.00 in a report on Wednesday, April 6th. StockNews.com downgraded shares of Avis Budget Group from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. Finally, Barclays reduced their target price on shares of Avis Budget Group from $223.00 to $158.00 and set an “equal weight” rating for the company in a report on Tuesday, July 5th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. According to data from MarketBeat.com, Avis Budget Group presently has a consensus rating of “Hold” and an average target price of $193.40.
Avis Budget Group Price Performance
Shares of CAR opened at $184.11 on Thursday. The firm has a 50-day moving average of $165.68 and a 200-day moving average of $202.47. Avis Budget Group has a one year low of $78.90 and a one year high of $545.11. The company has a market cap of $8.85 billion, a PE ratio of 4.33 and a beta of 2.11.
Insiders Place Their Bets
In other Avis Budget Group news, Director Glenn Lurie sold 1,474 shares of Avis Budget Group stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $178.94, for a total value of $263,757.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Bernardo Hees bought 28,334 shares of the company’s stock in a transaction dated Tuesday, May 24th. The stock was bought at an average cost of $172.78 per share, for a total transaction of $4,895,548.52. Following the transaction, the chairman now owns 450,476 shares of the company’s stock, valued at $77,833,243.28. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Glenn Lurie sold 1,474 shares of the business’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $178.94, for a total transaction of $263,757.56. The disclosure for this sale can be found here. Insiders acquired 83,734 shares of company stock worth $14,792,435 in the last quarter. 37.30% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Avis Budget Group
Several hedge funds and other institutional investors have recently made changes to their positions in CAR. CWM LLC increased its position in Avis Budget Group by 735.0% during the 2nd quarter. CWM LLC now owns 167 shares of the business services provider’s stock worth $25,000 after purchasing an additional 147 shares in the last quarter. Ellevest Inc. increased its position in Avis Budget Group by 130.3% during the 2nd quarter. Ellevest Inc. now owns 205 shares of the business services provider’s stock worth $30,000 after purchasing an additional 116 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in Avis Budget Group during the 4th quarter worth approximately $33,000. Lindbrook Capital LLC increased its position in Avis Budget Group by 737.5% during the 1st quarter. Lindbrook Capital LLC now owns 134 shares of the business services provider’s stock worth $35,000 after purchasing an additional 118 shares in the last quarter. Finally, TCI Wealth Advisors Inc. increased its position in Avis Budget Group by 79.5% during the 1st quarter. TCI Wealth Advisors Inc. now owns 158 shares of the business services provider’s stock worth $42,000 after purchasing an additional 70 shares in the last quarter.
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. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated and 385 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.
- Get a free copy of the StockNews.com research report on Avis Budget Group (CAR)
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