Avis Budget Group, Inc. (NASDAQ:CAR) Stake Lessened by Wexford Capital LP

Wexford Capital LP decreased its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 82.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 5,023 shares of the business services provider’s stock after selling 23,313 shares during the quarter. Wexford Capital LP’s holdings in Avis Budget Group were worth $440,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CAR. International Assets Investment Management LLC boosted its stake in shares of Avis Budget Group by 19,203.5% during the 3rd 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. Rubric Capital Management LP grew its stake in Avis Budget Group by 220.9% in the second 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 position in Avis Budget Group in the 2nd quarter worth about $19,978,000. FMR LLC lifted its holdings in shares of Avis Budget Group by 4.0% during the 3rd 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 last quarter. Finally, Toronto Dominion Bank bought a new stake in shares of Avis Budget Group in the 2nd quarter valued at approximately $10,452,000. 96.35% of the stock is owned by institutional investors and hedge funds.

Avis Budget Group Stock Performance

Avis Budget Group stock opened at $98.76 on Friday. Avis Budget Group, Inc. has a 52 week low of $65.73 and a 52 week high of $204.77. The firm has a market capitalization of $3.47 billion, a PE ratio of 9.02 and a beta of 2.20. The business’s 50-day simple moving average is $92.37 and its 200-day simple moving average is $95.11.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly 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). The business had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.53 billion. Avis Budget Group had a negative return on equity of 101.41% and a net margin of 3.34%. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the firm earned $16.78 earnings per share. Research analysts forecast that Avis Budget Group, Inc. will post 3.59 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CAR. JPMorgan Chase & Co. cut their price objective on shares of Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Barclays began coverage on shares of Avis Budget Group in a research note on Thursday, September 19th. They issued an “equal weight” rating and a $105.00 price objective for the company. Susquehanna cut their target price on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Deutsche Bank Aktiengesellschaft reduced their price target on Avis Budget Group from $145.00 to $143.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Finally, StockNews.com raised Avis Budget Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $133.13.

Avis Budget Group Company 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.