Avis Budget Group, Inc. (CAR) Downgraded by BidaskClub to Buy

Avis Budget Group, Inc. (NASDAQ:CAR) was downgraded by research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Friday.

CAR has been the topic of several other research reports. Deutsche Bank AG restated a “buy” rating and issued a $49.00 price objective (up previously from $44.00) on shares of Avis Budget Group in a research note on Friday, October 6th. ValuEngine upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Morgan Stanley lowered their price objective on shares of Avis Budget Group from $19.00 to $18.00 and set an “underweight” rating on the stock in a research note on Friday, August 25th. B. Riley assumed coverage on shares of Avis Budget Group in a research note on Friday, September 22nd. They issued a “buy” rating and a $36.00 price objective on the stock. Finally, Zacks Investment Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $37.80.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Monday, August 7th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.32). The company had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.27 billion. Avis Budget Group had a return on equity of 74.80% and a net margin of 0.86%. The company’s revenue was down .2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.63 EPS.

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In other Avis Budget Group news, SVP David T. Calabria sold 1,300 shares of Avis Budget Group stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $35.86, for a total transaction of $46,618.00. Following the completion of the transaction, the senior vice president now directly owns 5,662 shares of the company’s stock, valued at $203,039.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Stender E. Sweeney sold 1,500 shares of Avis Budget Group stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $35.02, for a total value of $52,530.00. Following the transaction, the director now directly owns 1,359 shares of the company’s stock, valued at $47,592.18. The disclosure for this sale can be found here. Insiders have sold 460,708 shares of company stock worth $18,183,212 in the last quarter. Corporate insiders own 2.80% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of CAR. JPMorgan Chase & Co. lifted its holdings in shares of Avis Budget Group by 997.5% during the first quarter. JPMorgan Chase & Co. now owns 113,684 shares of the business services provider’s stock valued at $3,362,000 after acquiring an additional 103,326 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Avis Budget Group by 295.6% during the first quarter. Wellington Management Group LLP now owns 53,950 shares of the business services provider’s stock valued at $1,596,000 after acquiring an additional 40,311 shares during the period. Thrivent Financial For Lutherans lifted its holdings in shares of Avis Budget Group by 6.6% during the first quarter. Thrivent Financial For Lutherans now owns 16,240 shares of the business services provider’s stock valued at $480,000 after acquiring an additional 1,000 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Avis Budget Group by 16.5% during the first quarter. Vanguard Group Inc. now owns 7,340,105 shares of the business services provider’s stock valued at $217,121,000 after acquiring an additional 1,037,148 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Avis Budget Group by 8.5% during the first quarter. Geode Capital Management LLC now owns 693,951 shares of the business services provider’s stock valued at $20,526,000 after acquiring an additional 54,259 shares during the period.

About Avis Budget Group

Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.

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