Verition Fund Management LLC Buys 18,225 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Verition Fund Management LLC increased its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 263.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,149 shares of the business services provider's stock after buying an additional 18,225 shares during the quarter. Verition Fund Management LLC owned 0.07% of Avis Budget Group worth $2,203,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. International Assets Investment Management LLC increased its holdings in shares of 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 worth $421,350,000 after buying an additional 478,552 shares in the last quarter. Rubric Capital Management LP increased its holdings in Avis Budget Group by 220.9% during the 2nd quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider's stock valued at $72,147,000 after purchasing an additional 475,181 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Avis Budget Group during the 2nd quarter valued at $19,978,000. FMR LLC boosted its stake in Avis Budget Group by 4.0% in the third quarter. FMR LLC now owns 3,354,546 shares of the business services provider's stock worth $293,825,000 after purchasing an additional 129,805 shares in the last quarter. Finally, Toronto Dominion Bank bought a new stake in shares of Avis Budget Group during the second quarter worth $10,452,000. Institutional investors and hedge funds own 96.35% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CAR shares. Northcoast Research cut Avis Budget Group from a "buy" rating to a "neutral" rating in a report on Monday, November 18th. The Goldman Sachs Group reduced their target price on shares of 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. StockNews.com raised shares of Avis Budget Group from a "sell" rating to a "hold" rating in a report on Monday, November 4th. Deutsche Bank Aktiengesellschaft reduced their price objective on Avis Budget Group from $145.00 to $143.00 and set a "buy" rating on the stock in a report on Tuesday, November 5th. Finally, Barclays assumed coverage on Avis Budget Group in a research note on Thursday, September 19th. They issued an "equal weight" rating and a $105.00 target price for the company. Five research 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 has an average rating of "Hold" and a consensus target price of $133.13.

Avis Budget Group Stock Performance

NASDAQ:CAR traded up $3.70 during mid-day trading on Friday, hitting $102.46. The company had a trading volume of 446,179 shares, compared to its average volume of 714,560. Avis Budget Group, Inc. has a fifty-two week low of $65.73 and a fifty-two week high of $204.77. The firm has a market cap of $3.60 billion, a P/E ratio of 9.36 and a beta of 2.20. The business's fifty day moving average is $92.67 and its two-hundred day moving average is $95.00.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The business services provider reported $6.65 earnings per share for the quarter, missing the consensus estimate of $8.55 by ($1.90). Avis Budget Group had a negative return on equity of 101.41% and a net margin of 3.34%. The firm had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.53 billion. During the same period in the previous year, the business earned $16.78 EPS. The firm's revenue was down 2.4% compared to the same quarter last year. Equities analysts forecast that Avis Budget Group, Inc. will post 3.59 earnings per share 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.