Wexford Capital LP Cuts Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Wexford Capital LP decreased its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 82.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,023 shares of the business services provider's stock after selling 23,313 shares during the period. Wexford Capital LP's holdings in Avis Budget Group were worth $440,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Central Valley Advisors LLC purchased a new stake in shares of Avis Budget Group in the second quarter valued at about $25,000. Strategic Investment Solutions Inc. IL boosted its stake 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 worth $32,000 after buying an additional 240 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Avis Budget Group by 293.3% in the third quarter. Nisa Investment Advisors LLC now owns 409 shares of the business services provider's stock valued at $36,000 after acquiring an additional 305 shares in the last quarter. Signaturefd LLC lifted its holdings in Avis Budget Group by 180.0% during the second quarter. Signaturefd LLC now owns 714 shares of the business services provider's stock worth $75,000 after acquiring an additional 459 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Avis Budget Group in the second quarter worth $75,000. 96.35% of the stock is owned by institutional investors.

Analyst Ratings Changes

CAR has been the topic of a number of research analyst reports. Northcoast Research cut shares of Avis Budget Group from a "buy" rating to a "neutral" rating in a research note on Monday, November 18th. StockNews.com raised Avis Budget Group from a "sell" rating to a "hold" rating in a report on Monday, November 4th. Barclays assumed coverage on Avis Budget Group in a research note on Thursday, September 19th. They issued an "equal weight" rating and a $105.00 target price on the stock. The Goldman Sachs Group cut their price target on Avis Budget Group from $105.00 to $90.00 and set a "neutral" rating for the company in a research note on Friday, October 11th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on 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. 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 has an average rating of "Hold" and a consensus target price of $133.13.

Avis Budget Group Price Performance

CAR stock traded up $3.70 during mid-day trading on Friday, reaching $102.46. 446,213 shares of the company traded hands, compared to its average volume of 613,440. The company has a fifty day moving average price of $92.67 and a 200-day moving average price of $95.00. Avis Budget Group, Inc. has a 52-week low of $65.73 and a 52-week high of $204.77. The company has a market capitalization of $3.60 billion, a P/E ratio of 9.36 and a beta of 2.20.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The business services provider reported $6.65 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $3.48 billion for the quarter, compared to analysts' expectations of $3.53 billion. During the same period in the prior year, the firm posted $16.78 EPS. Avis Budget Group's revenue was down 2.4% on a year-over-year basis. As a group, analysts forecast that Avis Budget Group, Inc. will post 3.59 EPS for the current year.

Avis Budget Group 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.