Point72 Asset Management L.P. Purchases 69,155 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Point72 Asset Management L.P. grew its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 85.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 149,901 shares of the business services provider’s stock after acquiring an additional 69,155 shares during the quarter. Point72 Asset Management L.P. owned about 0.43% of Avis Budget Group worth $13,130,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CAR. FMR LLC grew its stake in shares of Avis Budget Group by 4.0% in the 3rd quarter. FMR LLC now owns 3,354,546 shares of the business services provider’s stock worth $293,825,000 after buying an additional 129,805 shares in the last quarter. Rubric Capital Management LP grew its position 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 worth $72,147,000 after acquiring an additional 475,181 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Avis Budget Group by 0.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 592,341 shares of the business services provider’s stock worth $51,883,000 after acquiring an additional 2,561 shares during the last quarter. International Assets Investment Management LLC raised its position in 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 valued at $421,350,000 after purchasing an additional 478,552 shares during the period. Finally, JAT Capital Mgmt LP lifted its stake in shares of Avis Budget Group by 24.5% in the 3rd quarter. JAT Capital Mgmt LP now owns 398,170 shares of the business services provider’s stock valued at $34,876,000 after purchasing an additional 78,383 shares during the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CAR shares. 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 research report on Friday, August 9th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Avis Budget Group from $145.00 to $143.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. StockNews.com raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. JPMorgan Chase & Co. reduced 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. Finally, Northcoast Research cut Avis Budget Group from a “buy” rating to a “neutral” rating in a research note on Monday, November 18th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $133.13.

Avis Budget Group Stock Performance

Avis Budget Group stock opened at $102.46 on Friday. The company has a 50 day moving average price of $92.67 and a 200-day moving average price of $95.00. The company has a market capitalization of $3.60 billion, a PE ratio of 9.36 and a beta of 2.20. Avis Budget Group, Inc. has a fifty-two week low of $65.73 and a fifty-two week high of $204.77.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Thursday, October 31st. The business services provider reported $6.65 EPS for the quarter, missing the consensus estimate of $8.55 by ($1.90). Avis Budget Group had a net margin of 3.34% and a negative return on equity of 101.41%. The business had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.53 billion. During the same quarter in the prior year, the firm posted $16.78 EPS. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, 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.