Assenagon Asset Management S.A. Has $13.87 Million Stake in Avis Budget Group, Inc. (NASDAQ:CAR)

Assenagon Asset Management S.A. lowered its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 17.2% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 158,349 shares of the business services provider's stock after selling 32,793 shares during the period. Assenagon Asset Management S.A. owned 0.44% of Avis Budget Group worth $13,870,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of CAR. Central Valley Advisors LLC bought a new stake in shares of Avis Budget Group during the second quarter worth approximately $25,000. Denali Advisors LLC boosted its holdings in shares of Avis Budget Group by 94.1% during the first quarter. Denali Advisors LLC now owns 231 shares of the business services provider's stock worth $28,000 after acquiring an additional 112 shares during the period. EntryPoint Capital LLC boosted its holdings in shares of Avis Budget Group by 119.2% during the first quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider's stock worth $28,000 after acquiring an additional 124 shares during the period. Signaturefd LLC boosted its holdings 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 worth $75,000 after acquiring an additional 459 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Avis Budget Group during the second quarter worth approximately $75,000. Institutional investors own 96.35% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CAR. JPMorgan Chase & Co. reduced their price objective on Avis Budget Group from $205.00 to $175.00 and set an "overweight" rating for the company in a report on Wednesday, August 7th. Barclays initiated coverage on Avis Budget Group in a research note on Thursday, September 19th. They issued an "equal weight" rating and a $105.00 price target for the company. 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. Deutsche Bank Aktiengesellschaft cut their price target on Avis Budget Group from $155.00 to $146.00 and set a "buy" rating for the company in a research note on Friday, August 30th. Finally, StockNews.com cut Avis Budget Group from a "hold" rating to a "sell" rating in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $136.63.

Avis Budget Group Price Performance

CAR traded down $1.21 during trading on Friday, hitting $82.36. 664,994 shares of the stock traded hands, compared to its average volume of 711,172. Avis Budget Group, Inc. has a twelve month low of $65.73 and a twelve month high of $204.77. The company has a market cap of $2.94 billion, a price-to-earnings ratio of 2.60 and a beta of 2.13. The business has a 50 day moving average price of $82.15 and a 200 day moving average price of $97.52.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings results on Monday, August 5th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.60 by ($2.19). The company had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.13 billion. Avis Budget Group had a negative return on equity of 230.71% and a net margin of 6.58%. The firm's quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the company posted $11.01 earnings per share. On average, equities research analysts predict that Avis Budget Group, Inc. will post 7.68 earnings per share for the current year.

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.