JPMorgan Chase & Co. Has Lowered Expectations for Avis Budget Group (NASDAQ:CAR) Stock Price

Avis Budget Group (NASDAQ:CAR) had its target price trimmed by JPMorgan Chase & Co. from $175.00 to $150.00 in a research report released on Monday morning, Benzinga reports. The firm currently has an overweight rating on the business services provider’s stock.

CAR has been the topic of several other reports. The Goldman Sachs Group reduced their price objective on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating on the stock in a research note on Friday, October 11th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Avis Budget Group from $155.00 to $146.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Susquehanna decreased their price target 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. Barclays assumed coverage on shares of Avis Budget Group in a report on Thursday, September 19th. They issued an “equal weight” rating and a $105.00 price objective on the stock. Finally, StockNews.com cut Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $133.50.

Avis Budget Group Stock Down 1.9 %

Shares of NASDAQ CAR opened at $90.27 on Monday. The business’s 50 day moving average is $82.01 and its two-hundred day moving average is $96.54. Avis Budget Group has a 52-week low of $65.73 and a 52-week high of $204.77. The firm has a market cap of $3.22 billion, a price-to-earnings ratio of 8.24 and a beta of 2.14.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data on Thursday, October 31st. The business services provider reported $6.65 EPS for the quarter, missing the consensus estimate 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 business had revenue of $3.48 billion during the quarter, compared to analysts’ expectations of $3.53 billion. During the same period in the previous year, the business posted $16.78 EPS. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. Analysts anticipate that Avis Budget Group will post 6.66 EPS for the current fiscal year.

Institutional Investors Weigh In On Avis Budget Group

Hedge funds have recently made changes to their positions in the business. Assenagon Asset Management S.A. acquired a new position in Avis Budget Group during the 2nd quarter worth approximately $19,978,000. Russell Investments Group Ltd. raised its position in shares of Avis Budget Group by 70,663.6% during the 1st quarter. Russell Investments Group Ltd. now owns 7,784 shares of the business services provider’s stock worth $954,000 after purchasing an additional 7,773 shares during the last quarter. Gabelli Funds LLC purchased a new stake in Avis Budget Group during the 1st quarter worth about $1,898,000. Janney Montgomery Scott LLC lifted its stake in shares of Avis Budget Group by 77.8% during the first quarter. Janney Montgomery Scott LLC now owns 4,517 shares of the business services provider’s stock valued at $553,000 after buying an additional 1,977 shares during the period. Finally, Lecap Asset Management Ltd. acquired a new position in Avis Budget Group in the 2nd quarter valued at $1,400,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

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.