Point72 Asset Management L.P. Raises Stake in Avis Budget Group, Inc. (NASDAQ:CAR)

Point72 Asset Management L.P. boosted its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 85.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 149,901 shares of the business services provider's stock after buying an additional 69,155 shares during the quarter. Point72 Asset Management L.P. owned 0.43% of Avis Budget Group worth $13,130,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. SummerHaven Investment Management LLC lifted its position in Avis Budget Group by 4.5% during the second quarter. SummerHaven Investment Management LLC now owns 3,223 shares of the business services provider's stock valued at $337,000 after purchasing an additional 138 shares during the period. Strategic Investment Solutions Inc. IL lifted its holdings 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 valued at $32,000 after buying an additional 240 shares during the period. Algert Global LLC boosted its stake in shares of Avis Budget Group by 2.5% in the second quarter. Algert Global LLC now owns 10,165 shares of the business services provider's stock worth $1,062,000 after buying an additional 245 shares during the last quarter. International Assets Investment Management LLC grew its holdings in Avis Budget Group by 13.7% during the second quarter. International Assets Investment Management LLC now owns 2,492 shares of the business services provider's stock worth $260,000 after acquiring an additional 300 shares during the period. Finally, Nisa Investment Advisors LLC raised its position in Avis Budget Group by 293.3% during 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. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CAR shares. JPMorgan Chase & Co. dropped their price objective on shares of Avis Budget Group from $175.00 to $150.00 and set an "overweight" rating on the stock in a research note on Monday, November 4th. Susquehanna dropped 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. StockNews.com upgraded shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Monday, November 4th. The Goldman Sachs Group dropped their target price 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. Finally, Northcoast Research cut Avis Budget Group from a "buy" rating to a "neutral" rating in a report on Monday, November 18th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $133.13.

Avis Budget Group Price Performance

Shares of NASDAQ:CAR traded up $3.70 during midday trading on Friday, hitting $102.46. The company had a trading volume of 446,213 shares, compared to its average volume of 613,440. Avis Budget Group, Inc. has a twelve month low of $65.73 and a twelve month high of $204.77. The stock has a market cap of $3.60 billion, a price-to-earnings ratio of 9.36 and a beta of 2.20. The business's 50-day simple moving average is $92.67 and its 200-day simple moving average is $95.00.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $3.48 billion during the quarter, compared to analysts' expectations of $3.53 billion. During the same period in the prior year, the company posted $16.78 EPS. The company's revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, sell-side 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.