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

Algert Global LLC grew its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 123.8% during the third quarter, Holdings Channel reports. The institutional investor owned 22,745 shares of the business services provider’s stock after purchasing an additional 12,580 shares during the quarter. Algert Global LLC’s holdings in Avis Budget Group were worth $1,992,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Central Valley Advisors LLC purchased a new position in Avis Budget Group in the 2nd quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL grew its position in shares of Avis Budget Group by 198.3% in the third quarter. Strategic Investment Solutions Inc. IL now owns 361 shares of the business services provider’s stock valued at $32,000 after purchasing an additional 240 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Avis Budget Group by 293.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 409 shares of the business services provider’s stock valued at $36,000 after purchasing an additional 305 shares during the period. Signaturefd LLC lifted its holdings in Avis Budget Group by 180.0% during the 2nd quarter. Signaturefd LLC now owns 714 shares of the business services provider’s stock worth $75,000 after purchasing an additional 459 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Avis Budget Group in the 2nd quarter worth about $75,000. Institutional investors own 96.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CAR. The Goldman Sachs Group decreased their price target on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating on the stock in a research report on Friday, October 11th. 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. Barclays began coverage on shares of Avis Budget Group in a research report on Thursday, September 19th. They set an “equal weight” rating and a $105.00 price target for the company. StockNews.com upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Finally, Susquehanna reduced their target price on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $133.13.

Avis Budget Group Stock Up 1.4 %

Shares of CAR stock opened at $108.84 on Thursday. The firm has a market cap of $3.82 billion, a P/E ratio of 9.81 and a beta of 2.14. The business has a 50-day moving average price of $89.65 and a two-hundred day moving average price of $95.59. Avis Budget Group, Inc. has a 12-month low of $65.73 and a 12-month high of $204.77.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.55 by ($1.90). The firm had revenue of $3.48 billion during the quarter, compared to analysts’ expectations 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 period in the prior year, the company earned $16.78 EPS. As a group, research analysts expect that Avis Budget Group, Inc. will post 3.59 EPS for the current fiscal year.

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.