Avis Budget Group (NASDAQ:CAR) Price Target Cut to $90.00 by Analysts at The Goldman Sachs Group

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

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

Avis Budget Group Price Performance

Avis Budget Group stock opened at $83.04 on Friday. Avis Budget Group has a 12-month low of $65.73 and a 12-month high of $204.77. The stock has a market capitalization of $2.96 billion, a PE ratio of 3.94 and a beta of 2.13. The firm has a 50 day simple moving average of $83.26 and a 200-day simple moving average of $100.73.

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 the consensus estimate of $2.60 by ($2.19). The firm had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.13 billion. Avis Budget Group had a net margin of 6.58% and a negative return on equity of 230.71%. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the company earned $11.01 EPS. On average, analysts forecast that Avis Budget Group will post 7.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CAR. Neo Ivy Capital Management bought a new position in shares of Avis Budget Group during the fourth quarter valued at $239,000. Leo Wealth LLC bought a new stake in shares of Avis Budget Group during the fourth quarter worth $201,000. Alaska Permanent Fund Corp increased its position in Avis Budget Group by 38.3% in the first quarter. Alaska Permanent Fund Corp now owns 17,083 shares of the business services provider’s stock worth $2,092,000 after purchasing an additional 4,730 shares during the period. State of Michigan Retirement System increased its stake in shares of Avis Budget Group by 2.2% in the 1st quarter. State of Michigan Retirement System now owns 4,573 shares of the business services provider’s stock valued at $560,000 after acquiring an additional 100 shares during the last quarter. Finally, Oxinas Partners Wealth Management LLC boosted its position in shares of Avis Budget Group by 204.3% during the first quarter. Oxinas Partners Wealth Management LLC now owns 6,390 shares of the business services provider’s stock worth $783,000 after purchasing an additional 4,290 shares in the last quarter. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Company Profile

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.