Avis Budget Group (NASDAQ:CAR) Price Target Cut to $117.00 by Analysts at Susquehanna

Avis Budget Group (NASDAQ:CAR) had its price target reduced by Susquehanna from $145.00 to $117.00 in a research note issued to investors on Tuesday, Benzinga reports. They currently have a neutral rating on the business services provider’s stock.

A number of other research analysts have also recently weighed in on CAR. Bank of America began coverage on shares of Avis Budget Group in a research note on Tuesday, March 19th. They set a buy rating and a $170.00 target price on the stock. The Goldman Sachs Group raised Avis Budget Group from a sell rating to a neutral rating and upped their price objective for the stock from $118.00 to $130.00 in a research note on Thursday, April 4th. Deutsche Bank Aktiengesellschaft decreased their target price on Avis Budget Group from $202.00 to $183.00 and set a buy rating on the stock in a research note on Thursday, April 18th. Morgan Stanley dropped their price target on Avis Budget Group from $190.00 to $187.00 and set an overweight rating for the company in a research note on Wednesday, April 10th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Avis Budget Group from $280.00 to $240.00 and set an overweight rating on the stock in a research report on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $164.57.

Avis Budget Group Stock Up 1.6 %

Shares of CAR opened at $115.60 on Tuesday. The business has a 50-day simple moving average of $111.63 and a two-hundred day simple moving average of $150.53. Avis Budget Group has a 52 week low of $93.53 and a 52 week high of $244.95. The stock has a market cap of $4.12 billion, a price-to-earnings ratio of 3.65 and a beta of 2.28.

Avis Budget Group (NASDAQ:CAR) last released its earnings results 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). Avis Budget Group had a negative return on equity of 729.43% and a net margin of 10.05%. The firm had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.41 billion. During the same period in the prior year, the company posted $7.72 earnings per share. The company’s revenue was down .2% compared to the same quarter last year. On average, equities analysts anticipate that Avis Budget Group will post 13.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Hudson Bay Capital Management LP bought a new stake in Avis Budget Group in the third quarter worth $62,892,000. Hsbc Holdings PLC increased its holdings in shares of Avis Budget Group by 1,573.0% in the 3rd quarter. Hsbc Holdings PLC now owns 362,965 shares of the business services provider’s stock worth $64,799,000 after buying an additional 341,269 shares during the last quarter. Norges Bank bought a new stake in shares of Avis Budget Group in the 4th quarter worth about $30,234,000. Par Capital Management Inc. raised its position in shares of Avis Budget Group by 16.1% during 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 buying an additional 117,600 shares in the last quarter. Finally, Bank of Nova Scotia lifted its holdings in shares of Avis Budget Group by 63.1% in the 3rd quarter. Bank of Nova Scotia now owns 289,648 shares of the business services provider’s stock valued at $52,047,000 after acquiring an additional 112,073 shares during the last quarter. 96.35% of the stock is currently owned by 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.