The Goldman Sachs Group Trims Avis Budget Group (NASDAQ:CAR) Target Price to $90.00

Avis Budget Group (NASDAQ:CAR) had its price target reduced by The Goldman Sachs Group from $105.00 to $90.00 in a research report released on Friday, Benzinga reports. They currently have a neutral rating on the business services provider’s stock.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. lowered their price target on shares of Avis Budget Group from $205.00 to $175.00 and set an overweight rating on the stock in a research report on Wednesday, August 7th. Susquehanna dropped their price target on Avis Budget Group from $120.00 to $95.00 and set a neutral rating for the company in a research report on Friday, August 9th. StockNews.com downgraded Avis Budget Group from a hold rating to a sell rating in a research report on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft dropped their target price on Avis Budget Group from $155.00 to $146.00 and set a buy rating for the company in a report on Friday, August 30th. Finally, Barclays began coverage on Avis Budget Group in a research note on Thursday, September 19th. They issued an equal weight rating and a $105.00 target price for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $136.63.

Avis Budget Group Price Performance

NASDAQ CAR opened at $83.04 on Friday. The stock’s 50 day simple moving average is $83.26 and its 200-day simple moving average is $100.61. The company has a market cap of $2.96 billion, a PE ratio of 2.62 and a beta of 2.13. Avis Budget Group has a 1-year low of $65.73 and a 1-year high of $204.77.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Monday, August 5th. The business services provider reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.60 by ($2.19). Avis Budget Group had a net margin of 6.58% and a negative return on equity of 230.71%. The firm had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter in the previous year, the business posted $11.01 EPS. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities research analysts anticipate that Avis Budget Group will post 7.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Avis Budget Group

Large investors have recently modified their holdings of the business. Rubric Capital Management LP lifted its holdings in shares of Avis Budget Group by 220.9% in the 2nd quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider’s stock worth $72,147,000 after acquiring an additional 475,181 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Avis Budget Group in the 2nd quarter valued at $19,978,000. Toronto Dominion Bank acquired a new position in Avis Budget Group during the 2nd quarter worth about $10,452,000. Natixis boosted its holdings in Avis Budget Group by 1,339.3% during the 1st quarter. Natixis now owns 101,242 shares of the business services provider’s stock valued at $12,398,000 after acquiring an additional 94,208 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in Avis Budget Group by 17.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 589,780 shares of the business services provider’s stock valued at $61,644,000 after acquiring an additional 88,279 shares in the last quarter. 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.