Avis Budget Group, Inc. (NASDAQ:CAR) Stake Lowered by Geode Capital Management LLC

Geode Capital Management LLC trimmed its holdings in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 2.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 319,022 shares of the business services provider's stock after selling 7,578 shares during the quarter. Geode Capital Management LLC owned about 0.91% of Avis Budget Group worth $27,950,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL increased its stake in Avis Budget Group by 198.3% during the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider's stock valued at $32,000 after buying an additional 240 shares during the period. Nisa Investment Advisors LLC boosted 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 increased its stake in shares of Avis Budget Group by 180.0% during the second quarter. Signaturefd LLC now owns 714 shares of the business services provider's stock valued at $75,000 after acquiring an additional 459 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in Avis Budget Group during the second quarter worth approximately $75,000. Finally, Carolina Wealth Advisors LLC lifted its position in Avis Budget Group by 184.5% in the third quarter. Carolina Wealth Advisors LLC now owns 1,118 shares of the business services provider's stock worth $98,000 after purchasing an additional 725 shares during the period. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Avis Budget Group Stock Down 1.2 %

Shares of CAR stock traded down $1.01 during trading hours on Friday, reaching $80.96. 520,611 shares of the stock traded hands, compared to its average volume of 709,154. The firm has a market capitalization of $2.84 billion, a PE ratio of 7.39 and a beta of 2.20. Avis Budget Group, Inc. has a 1-year low of $65.73 and a 1-year high of $181.50. The business has a fifty day moving average price of $93.76 and a 200 day moving average price of $92.80.

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

Analyst Upgrades and Downgrades

CAR has been the topic of several research analyst reports. StockNews.com upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Monday, November 4th. JPMorgan Chase & Co. lowered their target price on Avis Budget Group from $175.00 to $150.00 and set an "overweight" rating on the stock in a report on Monday, November 4th. Barclays initiated coverage on shares of Avis Budget Group in a report on Thursday, September 19th. They issued an "equal weight" rating and a $105.00 price target for the company. Northcoast Research cut shares of Avis Budget Group from a "buy" rating to a "neutral" rating in a research note on Monday, November 18th. Finally, The Goldman Sachs Group increased their target price on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Tuesday, December 10th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $133.75.

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.