Algert Global LLC Boosts Stock Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Algert Global LLC raised its stake in Avis Budget Group, Inc. (NASDAQ:CAR) by 2.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,165 shares of the business services provider’s stock after buying an additional 245 shares during the period. Algert Global LLC’s holdings in Avis Budget Group were worth $1,062,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Par Capital Management Inc. increased its position in Avis Budget Group by 16.1% during the fourth quarter. Par Capital Management Inc. now owns 848,959 shares of the business services provider’s stock worth $150,486,000 after buying an additional 117,600 shares in the last quarter. Rubric Capital Management LP increased its position 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 worth $72,147,000 after purchasing an additional 475,181 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in Avis Budget Group by 17.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 589,780 shares of the business services provider’s stock valued at $61,644,000 after purchasing an additional 88,279 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Avis Budget Group in the 2nd quarter valued at about $19,978,000. Finally, Hsbc Holdings PLC lifted its holdings in Avis Budget Group by 16.3% in the 2nd quarter. Hsbc Holdings PLC now owns 126,380 shares of the business services provider’s stock valued at $13,036,000 after purchasing an additional 17,750 shares in the last quarter. 96.35% of the stock is owned by institutional investors and hedge funds.

Avis Budget Group Stock Up 5.4 %

Avis Budget Group stock opened at $88.35 on Friday. The firm has a 50-day moving average price of $84.20 and a two-hundred day moving average price of $101.76. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of 2.79 and a beta of 2.13. Avis Budget Group, Inc. has a 52-week low of $65.73 and a 52-week high of $204.77.

Avis Budget Group (NASDAQ:CAR) last released 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 company had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.13 billion. Avis Budget Group had a negative return on equity of 230.71% and a net margin of 6.58%. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the firm posted $11.01 earnings per share. Research analysts expect that Avis Budget Group, Inc. will post 7.68 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on CAR shares. The Goldman Sachs Group decreased their target price on shares of Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Barclays initiated coverage on Avis Budget Group in a research report on Thursday, September 19th. They issued an “equal weight” rating and a $105.00 target price on the stock. StockNews.com lowered Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. JPMorgan Chase & Co. reduced their price objective on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Avis Budget Group from $155.00 to $146.00 and set a “buy” rating for the company in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $138.50.

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.