Point72 Asia Singapore Pte. Ltd. Takes Position in Avis Budget Group, Inc. (NASDAQ:CAR)

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

Other institutional investors have also modified their holdings of the company. Central Valley Advisors LLC purchased a new stake in Avis Budget Group during the 2nd quarter worth approximately $25,000. Denali Advisors LLC grew its position in shares of Avis Budget Group by 94.1% during the first quarter. Denali Advisors LLC now owns 231 shares of the business services provider’s stock worth $28,000 after buying an additional 112 shares in the last quarter. EntryPoint Capital LLC grew its position in shares of Avis Budget Group by 119.2% during the first quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider’s stock worth $28,000 after buying an additional 124 shares in the last quarter. TFO Wealth Partners LLC increased its stake in shares of Avis Budget Group by 15,550.0% in 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 last quarter. Finally, Signaturefd LLC raised its holdings in Avis Budget Group by 180.0% in the second quarter. Signaturefd LLC now owns 714 shares of the business services provider’s stock valued at $75,000 after acquiring an additional 459 shares in the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. StockNews.com downgraded shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. Barclays initiated coverage on Avis Budget Group in a report on Thursday, September 19th. They issued an “equal weight” rating and a $105.00 price objective for the company. The Goldman Sachs Group cut their price objective on Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. JPMorgan Chase & Co. decreased their target price on 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, 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 report on Friday, August 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $138.50.

Avis Budget Group Price Performance

Shares of CAR opened at $88.35 on Friday. Avis Budget Group, Inc. has a 12 month low of $65.73 and a 12 month high of $204.77. The stock has a fifty day moving average price of $84.20 and a 200 day moving average price of $101.76. The company has a market cap of $3.15 billion, a P/E ratio of 2.79 and a beta of 2.13.

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