Avis Budget Group (NASDAQ:CAR) Cut to “Neutral” at Northcoast Research

Northcoast Research lowered shares of Avis Budget Group (NASDAQ:CAR) from a buy rating to a neutral rating in a research report sent to investors on Monday morning, Marketbeat.com reports.

CAR has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Avis Budget Group from $145.00 to $143.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. JPMorgan Chase & Co. reduced their target price on shares of Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Barclays initiated coverage on shares of Avis Budget Group in a research report on Thursday, September 19th. They issued an “equal weight” rating and a $105.00 price target for the company. StockNews.com upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Finally, The Goldman Sachs Group reduced their target price on shares of Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating on the stock in a research note on Friday, October 11th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $133.13.

Avis Budget Group Stock Performance

Shares of NASDAQ:CAR opened at $99.06 on Monday. The firm has a market cap of $3.48 billion, a PE ratio of 9.14 and a beta of 2.14. The firm’s fifty day moving average is $86.82 and its 200-day moving average is $96.18. Avis Budget Group has a 52 week low of $65.73 and a 52 week high of $204.77.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share for the quarter, missing analysts’ consensus estimates of $8.55 by ($1.90). Avis Budget Group had a net margin of 3.34% and a negative return on equity of 101.41%. The company had revenue of $3.48 billion during the quarter, compared to analysts’ expectations of $3.53 billion. During the same quarter in the previous year, the firm earned $16.78 earnings per share. The firm’s revenue was down 2.4% compared to the same quarter last year. Sell-side analysts forecast that Avis Budget Group will post 5.24 EPS for the current year.

Hedge Funds Weigh In On Avis Budget Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Central Valley Advisors LLC purchased a new position in shares of Avis Budget Group in the second quarter valued at $25,000. EntryPoint Capital LLC increased its holdings in Avis Budget Group by 119.2% during the 1st quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider’s stock worth $28,000 after purchasing an additional 124 shares during the last quarter. Strategic Investment Solutions Inc. IL increased its holdings in shares of Avis Budget Group by 198.3% in the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider’s stock valued at $32,000 after acquiring an additional 240 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Avis Budget Group by 293.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 409 shares of the business services provider’s stock valued at $36,000 after purchasing an additional 305 shares during the period. Finally, Signaturefd LLC grew its stake in shares of Avis Budget Group by 180.0% in the second quarter. Signaturefd LLC now owns 714 shares of the business services provider’s stock worth $75,000 after purchasing an additional 459 shares in the last quarter. 96.35% of the stock is owned by institutional investors and hedge funds.

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.