Avis Budget Group (NASDAQ:CAR) Upgraded to “Buy” at BidaskClub

BidaskClub upgraded shares of Avis Budget Group (NASDAQ:CAR) from a hold rating to a buy rating in a research note released on Wednesday, BidAskClub reports.

Other analysts also recently issued reports about the company. Barclays restated a hold rating and issued a $33.00 price target on shares of Avis Budget Group in a research note on Wednesday, October 23rd. TheStreet downgraded Avis Budget Group from a b- rating to a c rating in a research note on Monday, September 16th. Northcoast Research restated a buy rating on shares of Avis Budget Group in a research note on Tuesday, August 6th. Deutsche Bank set a $31.00 price target on Avis Budget Group and gave the company a hold rating in a research note on Monday, November 4th. Finally, Morgan Stanley set a $32.00 price target on Avis Budget Group and gave the company a sell rating in a research note on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. Avis Budget Group has a consensus rating of Hold and an average price target of $34.40.

CAR stock traded up $1.19 during mid-day trading on Wednesday, reaching $31.59. The company had a trading volume of 1,084,500 shares, compared to its average volume of 1,255,432. The firm has a fifty day simple moving average of $28.69 and a 200 day simple moving average of $30.88. Avis Budget Group has a fifty-two week low of $21.63 and a fifty-two week high of $37.27. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of 8.65 and a beta of 2.09. The company has a debt-to-equity ratio of 34.23, a quick ratio of 0.94 and a current ratio of 0.94.

Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Thursday, October 31st. The business services provider reported $2.96 earnings per share for the quarter, missing the consensus estimate of $3.65 by ($0.69). Avis Budget Group had a net margin of 1.91% and a return on equity of 66.13%. The company had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.84 billion. During the same quarter last year, the business posted $3.33 earnings per share. The company’s revenue for the quarter was down .9% compared to the same quarter last year. As a group, analysts predict that Avis Budget Group will post 3.47 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CNA Financial Corp increased its stake in Avis Budget Group by 21.1% in the third quarter. CNA Financial Corp now owns 44,079 shares of the business services provider’s stock valued at $1,246,000 after purchasing an additional 7,693 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Avis Budget Group by 24.8% in the third quarter. Russell Investments Group Ltd. now owns 16,095 shares of the business services provider’s stock valued at $450,000 after purchasing an additional 3,195 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in Avis Budget Group by 25.4% in the third quarter. Oppenheimer Asset Management Inc. now owns 4,132 shares of the business services provider’s stock valued at $117,000 after purchasing an additional 838 shares during the last quarter. California Public Employees Retirement System increased its stake in Avis Budget Group by 15.7% in the third quarter. California Public Employees Retirement System now owns 156,551 shares of the business services provider’s stock valued at $4,424,000 after purchasing an additional 21,240 shares during the last quarter. Finally, Dupont Capital Management Corp increased its stake in Avis Budget Group by 10.2% in the third quarter. Dupont Capital Management Corp now owns 5,913 shares of the business services provider’s stock valued at $167,000 after purchasing an additional 549 shares during the last quarter. 99.87% of the stock is owned by institutional investors.

About Avis Budget Group

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.

See Also: How are Outstanding Shares Different from Authorized Shares?

Analyst Recommendations for Avis Budget Group (NASDAQ:CAR)

Receive News & Ratings for Avis Budget Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avis Budget Group and related companies with MarketBeat.com's FREE daily email newsletter.