Whitebox Advisors LLC Acquires 13,000 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Whitebox Advisors LLC lifted its stake in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 65.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,003 shares of the business services provider's stock after purchasing an additional 13,000 shares during the quarter. Whitebox Advisors LLC owned about 0.09% of Avis Budget Group worth $2,891,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CAR. Price T Rowe Associates Inc. MD boosted its stake in Avis Budget Group by 3.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,593 shares of the business services provider's stock worth $1,420,000 after purchasing an additional 337 shares in the last quarter. Central Valley Advisors LLC purchased a new stake in shares of Avis Budget Group during the second quarter valued at approximately $25,000. Diversify Advisory Services LLC bought a new stake in shares of Avis Budget Group during the second quarter valued at approximately $306,000. Assenagon Asset Management S.A. purchased a new position in Avis Budget Group in the 2nd quarter worth approximately $19,978,000. Finally, Lecap Asset Management Ltd. bought a new position in Avis Budget Group in the 2nd quarter valued at approximately $1,400,000. Hedge funds and other institutional investors own 96.35% of the company's stock.

Avis Budget Group Stock Up 3.7 %

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

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its earnings results on Thursday, October 31st. The business services provider reported $6.65 EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.53 billion. During the same period in the prior year, the business posted $16.78 earnings per share. Avis Budget Group's revenue for the quarter was down 2.4% compared to the same quarter last year. Equities research analysts expect that Avis Budget Group, Inc. will post 3.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CAR. Barclays started coverage on Avis Budget Group in a report on Thursday, September 19th. They issued an "equal weight" rating and a $105.00 target price for the company. Susquehanna reduced their price objective on Avis Budget Group from $120.00 to $95.00 and set a "neutral" rating for the company in a report on Friday, August 9th. StockNews.com upgraded shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Monday, November 4th. Northcoast Research lowered shares of Avis Budget Group from a "buy" rating to a "neutral" rating in a research note on Monday, November 18th. Finally, The Goldman Sachs Group decreased their price objective on shares of Avis Budget Group from $105.00 to $90.00 and set a "neutral" rating for the company in a report on Friday, October 11th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Avis Budget Group presently has an average rating of "Hold" and a consensus price target 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.