Avis Budget Group (NASDAQ:CAR) Price Target Cut to $87.00 by Analysts at The Goldman Sachs Group

Avis Budget Group (NASDAQ:CAR) had its price objective trimmed by The Goldman Sachs Group from $100.00 to $87.00 in a report published on Friday,Benzinga reports. The brokerage currently has a neutral rating on the business services provider’s stock.

Separately, StockNews.com raised Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 3rd. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $117.00.

Avis Budget Group Price Performance

CAR opened at $103.94 on Friday. The business has a 50 day simple moving average of $76.16 and a two-hundred day simple moving average of $85.74. The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of -2.01 and a beta of 2.10. Avis Budget Group has a one year low of $54.03 and a one year high of $132.25.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Wednesday, May 7th. The business services provider reported ($14.35) EPS for the quarter, missing analysts’ consensus estimates of ($5.72) by ($8.63). The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.49 billion. Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. The company’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the company earned ($3.21) EPS. As a group, sell-side analysts expect that Avis Budget Group will post 8.91 EPS for the current fiscal year.

Insider Transactions at Avis Budget Group

In related news, Director Lynn Krominga sold 1,405 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $95.00, for a total value of $133,475.00. Following the sale, the director now owns 1,950 shares in the company, valued at $185,250. This represents a 41.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 52.80% of the company’s stock.

Institutional Trading of Avis Budget Group

Several hedge funds and other institutional investors have recently made changes to their positions in CAR. Aster Capital Management DIFC Ltd purchased a new stake in shares of Avis Budget Group in the 4th quarter worth approximately $25,000. GAMMA Investing LLC grew its stake in shares of Avis Budget Group by 118.8% in the 4th quarter. GAMMA Investing LLC now owns 337 shares of the business services provider’s stock worth $27,000 after buying an additional 183 shares during the last quarter. UMB Bank n.a. grew its stake in shares of Avis Budget Group by 106.9% in the 1st quarter. UMB Bank n.a. now owns 478 shares of the business services provider’s stock worth $36,000 after buying an additional 247 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in Avis Budget Group by 41.0% during the 4th quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 198 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its stake in Avis Budget Group by 41.3% during the 4th quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider’s stock valued at $59,000 after purchasing an additional 215 shares during the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.