Avis Budget Group (NASDAQ:CAR) Cut to Underweight at Morgan Stanley

Avis Budget Group (NASDAQ:CAR) was downgraded by Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research note issued to investors on Wednesday, The Fly reports.

Several other equities research analysts have also recently issued reports on the stock. TheStreet raised shares of Avis Budget Group from a “d+” rating to a “c” rating in a research report on Tuesday, August 3rd. Zacks Investment Research cut shares of Avis Budget Group from a “buy” rating to a “hold” rating and set a $127.00 price objective for the company. in a research report on Tuesday, October 5th. Bank of America raised shares of Avis Budget Group from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $90.00 to $125.00 in a research report on Thursday, September 16th. JPMorgan Chase & Co. raised shares of Avis Budget Group from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $75.00 to $100.00 in a research report on Thursday, August 5th. Finally, Barclays decreased their price objective on shares of Avis Budget Group from $83.00 to $70.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 21st. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Avis Budget Group currently has a consensus rating of “Hold” and a consensus target price of $99.67.

Avis Budget Group stock traded down $3.53 during midday trading on Wednesday, reaching $149.86. The company had a trading volume of 3,165,931 shares, compared to its average volume of 1,579,022. The company has a market capitalization of $9.97 billion, a P/E ratio of 59.00, a P/E/G ratio of 0.11 and a beta of 2.34. Avis Budget Group has a 12-month low of $28.20 and a 12-month high of $154.14. The firm’s fifty day simple moving average is $101.69 and its 200-day simple moving average is $88.26. The company has a debt-to-equity ratio of 159.62, a current ratio of 1.11 and a quick ratio of 1.11.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Monday, August 2nd. The business services provider reported $5.90 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.21 by $4.69. Avis Budget Group had a net margin of 2.76% and a negative return on equity of 385.05%. The business had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.08 billion. On average, analysts expect that Avis Budget Group will post 13.73 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. K.J. Harrison & Partners Inc acquired a new position in shares of Avis Budget Group during the first quarter worth about $3,735,000. Capital Fund Management S.A. acquired a new position in shares of Avis Budget Group during the second quarter worth about $2,199,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Avis Budget Group during the second quarter worth about $229,000. Rafferty Asset Management LLC increased its stake in shares of Avis Budget Group by 120.9% during the second quarter. Rafferty Asset Management LLC now owns 31,919 shares of the business services provider’s stock worth $2,486,000 after acquiring an additional 17,468 shares during the period. Finally, Quantitative Investment Management LLC acquired a new position in shares of Avis Budget Group during the first quarter worth about $314,000.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the Americas and International segments. The Americas segment licenses the company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America, and the Caribbean.

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