Avis Budget Group, Inc. (NASDAQ:CAR) Shares Acquired by Fmr LLC

FMR LLC raised its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 4.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,354,546 shares of the business services provider's stock after acquiring an additional 129,805 shares during the quarter. FMR LLC owned approximately 9.55% of Avis Budget Group worth $293,825,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. International Assets Investment Management LLC grew its position 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 worth $421,350,000 after purchasing an additional 478,552 shares during the last quarter. Rubric Capital Management LP grew its holdings in Avis Budget Group by 220.9% during the second quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider's stock worth $72,147,000 after acquiring an additional 475,181 shares during the period. Assenagon Asset Management S.A. purchased a new position in Avis Budget Group during the second quarter valued at approximately $19,978,000. Toronto Dominion Bank purchased a new position in shares of Avis Budget Group during the 2nd quarter valued at approximately $10,452,000. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Avis Budget Group by 17.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 589,780 shares of the business services provider's stock worth $61,644,000 after buying an additional 88,279 shares in the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Avis Budget Group Stock Performance

NASDAQ CAR traded down $3.63 during trading on Monday, reaching $105.44. 150,820 shares of the company's stock were exchanged, compared to its average volume of 714,580. Avis Budget Group, Inc. has a 1 year low of $65.73 and a 1 year high of $204.77. The stock has a market cap of $3.71 billion, a P/E ratio of 9.96 and a beta of 2.14. The company has a 50 day moving average price of $91.02 and a two-hundred day moving average price of $95.26.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.53 billion. During the same period last year, the company earned $16.78 earnings per share. The business's revenue for the quarter was down 2.4% compared to the same quarter last year. Research analysts forecast that Avis Budget Group, Inc. will post 3.59 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. The Goldman Sachs Group lowered their price target on 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. Barclays started 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 objective for the company. Susquehanna reduced their price target on shares of Avis Budget Group from $120.00 to $95.00 and set a "neutral" rating on the stock in a research report on Friday, August 9th. Northcoast Research downgraded Avis Budget Group from a "buy" rating to a "neutral" rating in a research report on Monday, November 18th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price 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. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, Avis Budget Group has a consensus rating of "Hold" and an average price target of $133.13.

About Avis Budget Group

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.