Rubric Capital Management LP Trims Stake in Avis Budget Group, Inc. (NASDAQ:CAR)

Rubric Capital Management LP reduced its stake in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 2.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 672,406 shares of the business services provider's stock after selling 17,867 shares during the period. Avis Budget Group makes up about 1.0% of Rubric Capital Management LP's holdings, making the stock its 28th largest holding. Rubric Capital Management LP owned 1.91% of Avis Budget Group worth $58,896,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in CAR. International Assets Investment Management LLC boosted its stake in Avis Budget Group by 19,203.5% during the third quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider's stock valued at $421,350,000 after buying an additional 478,552 shares during the period. Assenagon Asset Management S.A. bought a new stake in Avis Budget Group during the second quarter valued at $19,978,000. FMR LLC boosted its stake in Avis Budget Group by 4.0% during the third quarter. FMR LLC now owns 3,354,546 shares of the business services provider's stock valued at $293,825,000 after buying an additional 129,805 shares during the period. Toronto Dominion Bank bought a new stake in Avis Budget Group during the second quarter valued at $10,452,000. Finally, Massachusetts Financial Services Co. MA boosted its stake 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 valued at $61,644,000 after buying an additional 88,279 shares during the period. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Price Performance

NASDAQ:CAR traded up $1.47 during mid-day trading on Wednesday, reaching $108.84. 328,837 shares of the company's stock traded hands, compared to its average volume of 719,169. Avis Budget Group, Inc. has a 12-month low of $65.73 and a 12-month high of $204.77. The firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of 9.81 and a beta of 2.14. The company has a 50 day moving average price of $89.65 and a 200-day moving average price of $95.59.

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 for the quarter, compared to analysts' expectations of $3.53 billion. During the same quarter in the prior year, the firm earned $16.78 EPS. The firm's revenue for the quarter was down 2.4% on a year-over-year basis. As a group, analysts forecast that Avis Budget Group, Inc. will post 3.59 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CAR shares. The Goldman Sachs Group dropped their price objective 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. Northcoast Research lowered Avis Budget Group from a "buy" rating to a "neutral" rating in a research note on Monday, November 18th. Deutsche Bank Aktiengesellschaft dropped their price objective on Avis Budget Group from $145.00 to $143.00 and set a "buy" rating for the company in a research note on Tuesday, November 5th. StockNews.com raised Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Monday, November 4th. Finally, Susquehanna dropped their price target on Avis Budget Group from $120.00 to $95.00 and set a "neutral" rating for the company in a research note on Friday, August 9th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, Avis Budget Group presently has an average rating of "Hold" and a consensus target price of $133.13.

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.