In yesterday’s Wall Street session, Avis Budget Group Inc. (NASDAQ:CAR) shares traded at $212.22, down -0.55% from the previous session.
As of this writing, 6 analysts cover Avis Budget Group Inc. (NASDAQ:CAR). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $319.00 and a low of $195.00, we find $260.00. Given the previous closing price of $213.39, this indicates a potential upside of 21.84 percent. CAR stock price is now -6.63% away from the 50-day moving average and 5.84% away from the 200-day moving average. The market capitalization of the company currently stands at $8.27B.
There are 3 analysts who have given it a hold rating, whereas 3 have given it a buy rating. Brokers who have rated the stock have averaged $255.80 as their price target over the next twelve months.
With the price target maintained at $263, Deutsche Bank recently Downgraded its rating from Buy to Hold for Avis Budget Group Inc. (NASDAQ: CAR).
In other news, Rankin Patrick K, President, International sold 14,917 shares of the company’s stock on Jun 13. The stock was sold for $3,021,438 at an average price of $202.55. Upon completion of the transaction, the President, International now directly owns 59,672 shares in the company, valued at $12.66 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Feb 22, Director KROMINGA LYNN sold 887 shares of the business’s stock. A total of $200,728 was realized by selling the stock at an average price of $226.30. This leaves the insider owning 628 shares of the company worth $0.13 million. Insiders disposed of 1,769,404 shares of company stock worth roughly $375.5 million over the past 1 year. A total of 0.50% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in CAR stock. A new stake in Avis Budget Group Inc. shares was purchased by MASSACHUSETTS FINANCIAL SERVICES CO /MA/ during the first quarter worth $46,927,000. BANK OF NOVA SCOTIA invested $37,685,000 in shares of CAR during the first quarter. In the first quarter, SHELLBACK CAPITAL, LP acquired a new stake in Avis Budget Group Inc. valued at approximately $14,328,000. JUMP FINANCIAL, LLC acquired a new stake in CAR for approximately $6,690,000. LONESTAR CAPITAL MANAGEMENT LLC purchased a new stake in CAR valued at around $6,367,000 in the second quarter. In total, there are 418 active investors with 99.55% ownership of the company’s stock.
Friday morning saw Avis Budget Group Inc. (NASDAQ: CAR) opened at $214.13. During the past 12 months, Avis Budget Group Inc. has had a low of $131.83 and a high of $251.26. According to the stock market information, the enterprise value for the company is $32.71B, which is based on a 4.20 price-to-earnings ratio, a 0.22 price-to-earnings-growth ratio, and a beta of 2.42. The fifty day moving average price for CAR is $227.06 and a two-hundred day moving average price translates $200.40 for the stock.
The latest earnings results from Avis Budget Group Inc. (NASDAQ: CAR) was released for Jun, 2023. According to the Rental & Leasing Services Company, earnings per share came in at $11.01, beating analysts’ expectations of $9.45 by 1.56. This compares to $15.64 EPS in the same period last year. The net profit margin was 18.40% and return on equity was -493.90% for CAR. The company reported revenue of $3.12 billion for the quarter, compared to $3.24 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -3.73 percent. For the current quarter, analysts expect CAR to generate $3.62B in revenue.
Avis Budget Group Inc.(CAR) 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; the Budget Truck brand, 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 approximately 415 dealer-operated and 390 company-operated locations that serve the light commercial and consumer sectors in the continental United States; and the Zipcar brand, a car sharing network. The company also operates various other car rental brands, such as Budget, Payless, Apex, Maggiore, Morini Rent, FranceCars, Amicoblue, Turiscar, and ACL Hire. In addition, it offers optional insurance products and coverages, such as supplemental liability, personal accident, personal effects protection, emergency sickness protection, and automobile towing protection and cargo insurance products; fuel service options, roadside assistance services, electronic toll collection services, curbside delivery, tablet rentals, access to satellite radio, portable navigation units, and child safety seat rentals; automobile towing equipment and other moving accessories, such as hand trucks, furniture pads, and moving supplies; and Business Intelligence solution, an online portal for corporate customers. The company was formerly known as Cendant Corporation and changed its name to Avis Budget Group, Inc. in September 2006. Avis Budget Group, Inc. was founded in 1946 and is headquartered in Parsippany, New Jersey.
