Headlands Technologies LLC Invests $116,000 in Avis Budget Group, Inc. (NASDAQ:CAR)

Headlands Technologies LLC purchased a new stake in Avis Budget Group, Inc. (NASDAQ:CAR) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,107 shares of the business services provider’s stock, valued at approximately $116,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CAR. Dimensional Fund Advisors LP increased its stake in Avis Budget Group by 18.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 296,355 shares of the business services provider’s stock worth $52,534,000 after acquiring an additional 46,021 shares during the period. Janney Montgomery Scott LLC grew its holdings in shares of Avis Budget Group by 3.2% during the 4th quarter. Janney Montgomery Scott LLC now owns 2,540 shares of the business services provider’s stock worth $450,000 after purchasing an additional 79 shares in the last quarter. Norges Bank bought a new position in shares of Avis Budget Group in the fourth quarter worth $30,234,000. BI Asset Management Fondsmaeglerselskab A S raised its stake in Avis Budget Group by 63.7% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 9,019 shares of the business services provider’s stock valued at $1,599,000 after purchasing an additional 3,508 shares in the last quarter. Finally, Aigen Investment Management LP lifted its position in Avis Budget Group by 4.8% during the fourth quarter. Aigen Investment Management LP now owns 1,303 shares of the business services provider’s stock worth $231,000 after purchasing an additional 60 shares during the period. 96.35% of the stock is owned by institutional investors and hedge funds.

Avis Budget Group Price Performance

Shares of NASDAQ CAR opened at $76.36 on Monday. Avis Budget Group, Inc. has a 1 year low of $65.73 and a 1 year high of $204.77. The firm has a market cap of $2.72 billion, a PE ratio of 2.41 and a beta of 2.14. The company has a 50 day simple moving average of $89.97 and a 200 day simple moving average of $104.16.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Monday, August 5th. The business services provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $2.60 by ($2.19). The business 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%. Avis Budget Group’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter last year, the firm posted $11.01 EPS. As a group, research analysts anticipate that Avis Budget Group, Inc. will post 7.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on CAR. JPMorgan Chase & Co. dropped their target price on shares of Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. The Goldman Sachs Group cut their target price on Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft decreased their price target on Avis Budget Group from $155.00 to $146.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. StockNews.com downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. Finally, Susquehanna decreased their target price on 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $143.29.

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.