BidaskClub Downgrades Avis Budget Group (NASDAQ:CAR) to Hold
CAR has been the topic of a number of other reports. JPMorgan Chase & Co. increased their price objective on shares of Avis Budget Group from $13.00 to $22.00 and gave the company a “neutral” rating in a research note on Friday, June 19th. ValuEngine upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Monday, June 1st. Deutsche Bank reaffirmed a “hold” rating and issued a $24.00 price target on shares of Avis Budget Group in a report on Tuesday, June 9th. Morgan Stanley reissued a “buy” rating and set a $37.00 target price on shares of Avis Budget Group in a report on Thursday, July 16th. Finally, Barclays raised their price target on shares of Avis Budget Group from $18.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $28.00.
CAR stock traded down $0.64 during mid-day trading on Thursday, reaching $25.90. The company had a trading volume of 4,349,762 shares, compared to its average volume of 3,424,069. The company has a debt-to-equity ratio of 60.25, a current ratio of 1.07 and a quick ratio of 0.85. The firm has a 50 day moving average of $26.49 and a 200 day moving average of $24.44. Avis Budget Group has a 12 month low of $6.35 and a 12 month high of $52.98.
In related news, Director Srs Investment Management, Llc purchased 217,074 shares of Avis Budget Group stock in a transaction dated Tuesday, May 26th. The shares were acquired at an average cost of $18.73 per share, with a total value of $4,065,796.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 23.20% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of CAR. AQR Capital Management LLC grew its holdings in Avis Budget Group by 551.9% during the 1st quarter. AQR Capital Management LLC now owns 2,432,401 shares of the business services provider’s stock worth $33,810,000 after acquiring an additional 2,059,250 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Avis Budget Group in the 1st quarter valued at $10,336,000. Norges Bank acquired a new position in shares of Avis Budget Group in the 4th quarter valued at $19,770,000. Prentice Capital Management LP acquired a new position in shares of Avis Budget Group in the 1st quarter valued at $3,951,000. Finally, Whitebox Advisors LLC boosted its holdings in shares of Avis Budget Group by 111.4% in the 1st quarter. Whitebox Advisors LLC now owns 322,336 shares of the business services provider’s stock valued at $4,480,000 after buying an additional 169,824 shares in the last quarter.
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.
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