Holocene Advisors LP Acquires 24,080 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Holocene Advisors LP raised its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 106.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 46,619 shares of the business services provider's stock after acquiring an additional 24,080 shares during the period. Holocene Advisors LP owned approximately 0.13% of Avis Budget Group worth $4,083,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CAR. SummerHaven Investment Management LLC increased its holdings in Avis Budget Group by 4.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 3,223 shares of the business services provider's stock worth $337,000 after acquiring an additional 138 shares in the last quarter. Strategic Investment Solutions Inc. IL increased its stake in Avis Budget Group by 198.3% in the third quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider's stock valued at $32,000 after purchasing an additional 240 shares during the last quarter. Central Valley Advisors LLC purchased a new position in Avis Budget Group in the second quarter valued at approximately $25,000. Algert Global LLC increased its stake in Avis Budget Group by 2.5% in the second quarter. Algert Global LLC now owns 10,165 shares of the business services provider's stock valued at $1,062,000 after purchasing an additional 245 shares during the last quarter. Finally, International Assets Investment Management LLC grew its position in shares of Avis Budget Group by 13.7% during the second quarter. International Assets Investment Management LLC now owns 2,492 shares of the business services provider's stock worth $260,000 after acquiring an additional 300 shares during the last quarter. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Avis Budget Group Stock Performance

Shares of NASDAQ:CAR traded down $2.71 during midday trading on Thursday, reaching $98.76. The company had a trading volume of 360,262 shares, compared to its average volume of 715,702. Avis Budget Group, Inc. has a 1-year low of $65.73 and a 1-year high of $204.77. The firm has a market cap of $3.47 billion, a price-to-earnings ratio of 9.27 and a beta of 2.20. The company has a fifty day simple moving average of $92.11 and a two-hundred day simple moving average of $95.09.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly 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 negative return on equity of 101.41% and a net margin of 3.34%. The firm had revenue of $3.48 billion for the quarter, compared to analysts' expectations of $3.53 billion. During the same period last year, the business earned $16.78 earnings per share. The firm's revenue for the quarter was down 2.4% on a year-over-year basis. Analysts expect that Avis Budget Group, Inc. will post 3.59 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CAR shares. Deutsche Bank Aktiengesellschaft lowered 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 report on Tuesday, November 5th. The Goldman Sachs Group decreased their price objective on shares of Avis Budget Group from $105.00 to $90.00 and set a "neutral" rating on the stock in a research report on Friday, October 11th. StockNews.com raised shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Monday, November 4th. JPMorgan Chase & Co. cut 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 research note on Monday, November 4th. Finally, Northcoast Research downgraded shares of Avis Budget Group from a "buy" rating to a "neutral" rating in a research note on Monday, November 18th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, Avis Budget Group currently has an average rating of "Hold" and an average target price of $133.13.

Avis Budget Group 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; 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.