Avis Budget Group (NASDAQ:CAR) Upgraded to B- by TheStreet

Avis Budget Group (NASDAQ:CAR) was upgraded by analysts at TheStreet from a “c” rating to a “b-” rating in a research note issued to investors on Friday, TheStreetRatingsTable reports.

A number of other research firms also recently issued reports on CAR. ValuEngine raised Avis Budget Group from a “strong sell” rating to a “sell” rating in a research note on Tuesday, December 3rd. Barclays reissued a “hold” rating and issued a $33.00 target price on shares of Avis Budget Group in a report on Wednesday, October 23rd. Deutsche Bank restated a “hold” rating and issued a $31.00 price target on shares of Avis Budget Group in a research report on Wednesday, November 20th. BidaskClub cut shares of Avis Budget Group from a “buy” rating to a “hold” rating in a research report on Thursday, November 21st. Finally, Jefferies Financial Group began coverage on shares of Avis Budget Group in a research note on Thursday, November 21st. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. Avis Budget Group has an average rating of “Hold” and an average target price of $34.40.

Shares of CAR stock opened at $31.81 on Friday. The company’s fifty day simple moving average is $29.98 and its two-hundred day simple moving average is $30.39. Avis Budget Group has a 52 week low of $21.63 and a 52 week high of $37.27. The stock has a market cap of $2.30 billion, a P/E ratio of 8.72 and a beta of 2.06. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 34.23.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Thursday, October 31st. The business services provider reported $2.96 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.65 by ($0.69). The firm had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.84 billion. Avis Budget Group had a net margin of 1.91% and a return on equity of 66.13%. The company’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.33 EPS. On average, analysts anticipate that Avis Budget Group will post 3.45 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Chicago Equity Partners LLC bought a new stake in Avis Budget Group in the second quarter worth about $615,000. CNA Financial Corp raised its position in Avis Budget Group by 21.1% during the 3rd quarter. CNA Financial Corp now owns 44,079 shares of the business services provider’s stock valued at $1,246,000 after purchasing an additional 7,693 shares in the last quarter. Convergence Investment Partners LLC raised its position in Avis Budget Group by 9.7% during the 3rd quarter. Convergence Investment Partners LLC now owns 4,129 shares of the business services provider’s stock valued at $117,000 after purchasing an additional 364 shares in the last quarter. Russell Investments Group Ltd. raised its position in Avis Budget Group by 24.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 16,095 shares of the business services provider’s stock valued at $450,000 after purchasing an additional 3,195 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Avis Budget Group by 24.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 249,905 shares of the business services provider’s stock worth $8,706,000 after buying an additional 48,898 shares during the period. 99.87% 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 services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.

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Analyst Recommendations for Avis Budget Group (NASDAQ:CAR)

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