JAT Capital Mgmt LP Acquires 78,383 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

JAT Capital Mgmt LP raised its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 24.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 398,170 shares of the business services provider’s stock after acquiring an additional 78,383 shares during the quarter. Avis Budget Group makes up 5.6% of JAT Capital Mgmt LP’s investment portfolio, making the stock its 6th biggest holding. JAT Capital Mgmt LP owned about 1.13% of Avis Budget Group worth $34,876,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CAR. FMR LLC lifted its position in Avis Budget Group by 4.0% in the third quarter. FMR LLC now owns 3,354,546 shares of the business services provider’s stock valued at $293,825,000 after acquiring an additional 129,805 shares during the last quarter. Rubric Capital Management LP boosted its position in shares of Avis Budget Group by 220.9% in the 2nd 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 during the period. Massachusetts Financial Services Co. MA increased its position 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 buying an additional 2,561 shares during the period. International Assets Investment Management LLC grew its holdings in shares of 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 worth $421,350,000 after buying an additional 478,552 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in Avis Budget Group during the 2nd quarter valued at approximately $19,978,000. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Trading Up 0.2 %

NASDAQ:CAR opened at $109.07 on Friday. The firm’s fifty day simple moving average is $91.02 and its 200 day simple moving average is $95.67. Avis Budget Group, Inc. has a twelve month low of $65.73 and a twelve month high of $204.77. The firm has a market capitalization of $3.83 billion, a price-to-earnings ratio of 9.96 and a beta of 2.14.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $3.53 billion. During the same quarter in the prior year, the firm earned $16.78 EPS. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, analysts predict that Avis Budget Group, Inc. will post 3.59 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CAR. Deutsche Bank Aktiengesellschaft cut their price target on shares of Avis Budget Group from $145.00 to $143.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. JPMorgan Chase & Co. reduced their price objective on 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. Northcoast Research downgraded shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a research note on Monday, November 18th. The Goldman Sachs Group lowered their price objective on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating for the company in a research report on Friday, October 11th. Finally, Susquehanna decreased their price target on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Avis Budget Group currently has a consensus rating of “Hold” and a consensus target price 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.