Point72 Asia Singapore Pte. Ltd. Buys Shares of 714 Avis Budget Group, Inc. (NASDAQ:CAR)

Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) in the 2nd quarter, HoldingsChannel reports. The firm purchased 714 shares of the business services provider’s stock, valued at approximately $75,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Par Capital Management Inc. grew its stake 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 purchasing an additional 117,600 shares during the period. Rubric Capital Management LP grew its position in shares of 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 buying an additional 475,181 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of 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 acquiring an additional 88,279 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Avis Budget Group during the 2nd quarter valued at $19,978,000. Finally, Hsbc Holdings PLC boosted its stake in Avis Budget Group by 16.3% during the second quarter. Hsbc Holdings PLC now owns 126,380 shares of the business services provider’s stock worth $13,036,000 after acquiring an additional 17,750 shares in the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Trading Up 2.3 %

CAR stock opened at $87.59 on Monday. The stock has a market cap of $3.12 billion, a P/E ratio of 2.76 and a beta of 2.14. The stock’s fifty day simple moving average is $85.84 and its two-hundred day simple moving average is $102.50. Avis Budget Group, Inc. has a 1-year low of $65.73 and a 1-year high of $204.77.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Monday, August 5th. The business services provider reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.60 by ($2.19). The company had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Avis Budget Group had a negative return on equity of 230.71% and a net margin of 6.58%. Avis Budget Group’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period last year, the firm posted $11.01 earnings per share. As a group, analysts forecast that Avis Budget Group, Inc. will post 7.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on CAR. The Goldman Sachs Group decreased their price target on shares of Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft dropped their price target on Avis Budget Group from $155.00 to $146.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Susquehanna reduced their price objective on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. JPMorgan Chase & Co. lowered their target price on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Finally, Barclays initiated coverage on shares of Avis Budget Group in a research report on Thursday, September 19th. They issued an “equal weight” rating and a $105.00 price target for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus 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.