AlphaQuest LLC Has $437,000 Stock Position in Avis Budget Group, Inc. (NASDAQ:CAR)

AlphaQuest LLC raised its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 5,917.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,416 shares of the business services provider's stock after acquiring an additional 5,326 shares during the quarter. AlphaQuest LLC's holdings in Avis Budget Group were worth $437,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. Edgestream Partners L.P. acquired a new position in Avis Budget Group in the 4th quarter valued at approximately $1,067,000. M&T Bank Corp increased its stake in shares of Avis Budget Group by 19.7% in the fourth quarter. M&T Bank Corp now owns 4,551 shares of the business services provider's stock worth $367,000 after acquiring an additional 749 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Avis Budget Group by 9.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 203,274 shares of the business services provider's stock worth $16,386,000 after acquiring an additional 17,473 shares in the last quarter. US Bancorp DE boosted its position in Avis Budget Group by 9.6% during the fourth quarter. US Bancorp DE now owns 2,984 shares of the business services provider's stock valued at $241,000 after purchasing an additional 261 shares during the last quarter. Finally, Amalgamated Bank grew its stake in Avis Budget Group by 2.0% in the fourth quarter. Amalgamated Bank now owns 7,973 shares of the business services provider's stock valued at $643,000 after purchasing an additional 155 shares in the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Stock Performance

Shares of NASDAQ:CAR opened at $55.49 on Friday. The stock's 50-day moving average is $84.87 and its 200-day moving average is $86.90. The company has a market cap of $1.95 billion, a P/E ratio of -1.07 and a beta of 2.37. Avis Budget Group, Inc. has a 52-week low of $54.03 and a 52-week high of $132.25.

Remove Ads

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly earnings data on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.50) by $0.27. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. As a group, equities analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Wall Street Analyst Weigh In

CAR has been the subject of several research reports. The Goldman Sachs Group lifted their price target on Avis Budget Group from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. Northcoast Research downgraded shares of Avis Budget Group from a "buy" rating to a "neutral" rating in a research report on Monday, November 18th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $133.75.

Insiders Place Their Bets

In related news, Director Lynn Krominga sold 1,405 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $95.00, for a total value of $133,475.00. Following the completion of the sale, the director now owns 1,950 shares in the company, valued at approximately $185,250. This trade represents a 41.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 52.00% of the company's stock.

Avis Budget Group Company Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.