International Assets Investment Management LLC Buys 478,552 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

International Assets Investment Management LLC grew its stake in Avis Budget Group, Inc. (NASDAQ:CAR) by 19,203.5% in the 3rd quarter, Holdings Channel reports. The firm owned 481,044 shares of the business services provider’s stock after purchasing an additional 478,552 shares during the period. International Assets Investment Management LLC’s holdings in Avis Budget Group were worth $421,350,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CAR. Central Valley Advisors LLC bought a new position in Avis Budget Group in the second quarter worth $25,000. Denali Advisors LLC increased its stake in shares of Avis Budget Group by 94.1% in the 1st quarter. Denali Advisors LLC now owns 231 shares of the business services provider’s stock worth $28,000 after acquiring an additional 112 shares in the last quarter. EntryPoint Capital LLC boosted its stake in 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 acquiring an additional 124 shares in the last quarter. Signaturefd LLC grew 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 worth $75,000 after purchasing an additional 459 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Avis Budget Group during the second quarter valued at approximately $75,000. 96.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CAR. Susquehanna lowered their price target 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. StockNews.com cut Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. The Goldman Sachs Group lowered their price target on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating on the stock in a report on Friday, October 11th. Barclays initiated coverage on shares of Avis Budget Group in a report on Thursday, September 19th. They issued an “equal weight” rating and a $105.00 target price on the stock. Finally, 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 report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $136.63.

Avis Budget Group Stock Up 6.4 %

Shares of CAR opened at $83.57 on Friday. Avis Budget Group, Inc. has a 52 week low of $65.73 and a 52 week high of $204.77. The stock has a market cap of $2.98 billion, a price-to-earnings ratio of 2.64 and a beta of 2.13. The business has a 50-day simple moving average of $82.25 and a two-hundred day simple moving average of $98.13.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Monday, August 5th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same period in the prior year, the company posted $11.01 earnings per share. The company’s revenue was down 2.4% compared to the same quarter last year. On average, equities analysts anticipate that Avis Budget Group, Inc. will post 7.68 earnings per share 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.