Avis Budget Group, Inc. (NASDAQ:CAR) Shares Sold by Point72 Asset Management L.P.

Point72 Asset Management L.P. decreased its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 74.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 80,746 shares of the business services provider’s stock after selling 239,030 shares during the period. Point72 Asset Management L.P. owned 0.23% of Avis Budget Group worth $8,440,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Central Valley Advisors LLC acquired a new position in shares of Avis Budget Group in the 2nd quarter valued at $25,000. Denali Advisors LLC increased its stake in Avis Budget Group by 94.1% in the first quarter. Denali Advisors LLC now owns 231 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 112 shares during the period. EntryPoint Capital LLC raised its holdings in shares of Avis Budget Group by 119.2% in the first quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider’s stock valued at $28,000 after buying an additional 124 shares during the last quarter. TFO Wealth Partners LLC boosted its stake in shares of Avis Budget Group by 15,550.0% during the fourth quarter. TFO Wealth Partners LLC now owns 313 shares of the business services provider’s stock worth $55,000 after buying an additional 311 shares during the period. Finally, Signaturefd LLC grew its holdings in shares of Avis Budget Group by 180.0% during the second quarter. Signaturefd LLC now owns 714 shares of the business services provider’s stock worth $75,000 after buying an additional 459 shares during the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on CAR shares. Deutsche Bank Aktiengesellschaft reduced their price objective on Avis Budget Group from $155.00 to $146.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Barclays initiated coverage on Avis Budget Group in a report on Thursday, September 19th. They set an “equal weight” rating and a $105.00 price target for the company. Susquehanna lowered their price objective on shares of 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. JPMorgan Chase & Co. cut their price objective on shares of Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Finally, The Goldman Sachs Group lowered their target price on shares of Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $138.50.

Avis Budget Group Stock Performance

Shares of NASDAQ CAR opened at $85.85 on Wednesday. Avis Budget Group, Inc. has a one year low of $65.73 and a one year high of $204.77. The firm has a market capitalization of $3.06 billion, a P/E ratio of 2.71 and a beta of 2.14. The company’s fifty day moving average is $85.47 and its two-hundred day moving average is $102.28.

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

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.