Northcoast Research Downgrades Avis Budget Group (NASDAQ:CAR) to Neutral

Avis Budget Group (NASDAQ:CAR) was downgraded by analysts at Northcoast Research from a “buy” rating to a “neutral” rating in a note issued to investors on Monday, Marketbeat.com reports.

Other analysts also recently issued research reports about the company. Susquehanna reduced their price objective on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft reduced their price objective on Avis Budget Group from $145.00 to $143.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. JPMorgan Chase & Co. reduced their price objective on Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. The Goldman Sachs Group cut their target price on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating on the stock in a research report on Friday, October 11th. Finally, Barclays assumed coverage on Avis Budget Group in a research report on Thursday, September 19th. They set an “equal weight” rating and a $105.00 target price on the stock. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $133.13.

Avis Budget Group Trading Down 5.9 %

Shares of CAR opened at $100.25 on Monday. Avis Budget Group has a 12-month low of $65.73 and a 12-month high of $204.77. The business’s 50 day moving average is $85.54 and its 200 day moving average is $96.37. The company has a market capitalization of $3.52 billion, a PE ratio of 9.16 and a beta of 2.14.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Thursday, October 31st. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.55 by ($1.90). Avis Budget Group had a negative return on equity of 101.41% and a net margin of 3.34%. The firm had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.53 billion. During the same period in the previous year, the firm earned $16.78 EPS. The business’s revenue was down 2.4% compared to the same quarter last year. Equities research analysts predict that Avis Budget Group will post 5.24 earnings per share for the current year.

Hedge Funds Weigh In On Avis Budget Group

A number of large investors have recently bought and sold shares of the business. EntryPoint Capital LLC boosted its holdings in Avis Budget Group by 119.2% during the 1st quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 124 shares during the period. SummerHaven Investment Management LLC lifted its holdings in shares of Avis Budget Group by 4.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 3,223 shares of the business services provider’s stock worth $337,000 after buying an additional 138 shares during the period. US Bancorp DE lifted its holdings in shares of Avis Budget Group by 5.2% in the 1st quarter. US Bancorp DE now owns 3,123 shares of the business services provider’s stock worth $382,000 after buying an additional 155 shares during the period. Strategic Investment Solutions Inc. IL lifted its holdings in shares of Avis Budget Group by 198.3% in the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider’s stock worth $32,000 after buying an additional 240 shares during the period. Finally, Central Valley Advisors LLC purchased a new stake in shares of Avis Budget Group in the 2nd quarter worth $25,000. Hedge funds and other institutional investors 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.