III Capital Management Makes New Investment in Avis Budget Group, Inc. (NASDAQ:CAR)

III Capital Management bought a new position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 26,000 shares of the business services provider's stock, valued at approximately $2,096,000. Avis Budget Group accounts for approximately 0.3% of III Capital Management's holdings, making the stock its 27th largest holding. III Capital Management owned about 0.07% of Avis Budget Group at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd acquired a new stake in shares of Avis Budget Group during the 4th quarter worth approximately $25,000. GAMMA Investing LLC grew its stake in Avis Budget Group by 118.8% in the fourth quarter. GAMMA Investing LLC now owns 337 shares of the business services provider's stock valued at $27,000 after acquiring an additional 183 shares during the period. Quadrant Capital Group LLC raised its position in shares of Avis Budget Group by 41.0% during the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider's stock worth $55,000 after purchasing an additional 198 shares during the period. Sterling Capital Management LLC lifted its holdings in shares of Avis Budget Group by 41.3% in the 4th quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider's stock worth $59,000 after purchasing an additional 215 shares in the last quarter. Finally, Signaturefd LLC grew its position in Avis Budget Group by 31.8% in the 4th quarter. Signaturefd LLC now owns 936 shares of the business services provider's stock valued at $75,000 after purchasing an additional 226 shares during the period. 96.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of Avis Budget Group from a "hold" rating to a "sell" rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $121.33.

Insiders Place Their Bets

In other Avis Budget Group news, Director Lynn Krominga sold 661 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $95.00, for a total value of $62,795.00. Following the completion of the transaction, the director now owns 3,355 shares of the company's stock, valued at approximately $318,725. The trade was a 16.46 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 52.80% of the company's stock.

Avis Budget Group Stock Performance

Shares of NASDAQ:CAR opened at $93.81 on Monday. The firm has a fifty day moving average of $73.53 and a 200 day moving average of $84.61. Avis Budget Group, Inc. has a 52-week low of $54.03 and a 52-week high of $132.25. The firm has a market capitalization of $3.30 billion, a PE ratio of -1.81 and a beta of 2.05.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings results on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.50) by $0.27. Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. On average, sell-side analysts forecast that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

About Avis Budget Group

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.

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