Wolverine Asset Management LLC Increases Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Wolverine Asset Management LLC increased its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 93.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,771 shares of the business services provider's stock after acquiring an additional 8,100 shares during the quarter. Wolverine Asset Management LLC's holdings in Avis Budget Group were worth $1,469,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CAR. International Assets Investment Management LLC increased its stake in Avis Budget Group by 19,203.5% during the 3rd quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider's stock valued at $421,350,000 after purchasing an additional 478,552 shares in the last quarter. Rubric Capital Management LP increased its stake in Avis Budget Group by 220.9% during the 2nd quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider's stock valued at $72,147,000 after purchasing an additional 475,181 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Avis Budget Group in the second quarter worth $19,978,000. Toronto Dominion Bank acquired a new stake in shares of Avis Budget Group in the second quarter worth $10,452,000. Finally, Natixis increased its stake in shares of Avis Budget Group by 1,339.3% in the first quarter. Natixis now owns 101,242 shares of the business services provider's stock worth $12,398,000 after acquiring an additional 94,208 shares during the period. Institutional investors own 96.35% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CAR. JPMorgan Chase & Co. cut their price objective on shares of Avis Budget Group from $175.00 to $150.00 and set an "overweight" rating on the stock in a research note on Monday, November 4th. Deutsche Bank Aktiengesellschaft decreased 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 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 report on Friday, October 11th. Barclays initiated coverage on shares of Avis Budget Group in a report on Thursday, September 19th. They set an "equal weight" rating and a $105.00 price objective on the stock. Finally, Susquehanna decreased their price objective on shares of Avis Budget Group from $120.00 to $95.00 and set a "neutral" rating on the stock in a report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $133.13.

Avis Budget Group Price Performance

Shares of NASDAQ:CAR traded up $6.43 during midday trading on Wednesday, hitting $105.63. The company had a trading volume of 1,014,931 shares, compared to its average volume of 724,490. Avis Budget Group, Inc. has a twelve month low of $65.73 and a twelve month high of $204.77. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of 9.65 and a beta of 2.14. The business's 50-day simple moving average is $84.21 and its 200-day simple moving average is $96.31.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.53 billion. During the same period last year, the business earned $16.78 EPS. Avis Budget Group's revenue was down 2.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Avis Budget Group, Inc. will post 5.24 EPS for the current year.

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.