JAT Capital Mgmt LP Acquires 78,383 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

JAT Capital Mgmt LP raised its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 24.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 398,170 shares of the business services provider’s stock after purchasing an additional 78,383 shares during the quarter. Avis Budget Group accounts for 5.6% of JAT Capital Mgmt LP’s portfolio, making the stock its 6th largest position. JAT Capital Mgmt LP’s holdings in Avis Budget Group were worth $34,876,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wolverine Asset Management LLC increased its holdings in Avis Budget Group by 93.4% in the third quarter. Wolverine Asset Management LLC now owns 16,771 shares of the business services provider’s stock valued at $1,469,000 after buying an additional 8,100 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Avis Budget Group in the 2nd quarter valued at approximately $19,978,000. Lecap Asset Management Ltd. bought a new position in Avis Budget Group during the second quarter worth $1,400,000. Canada Pension Plan Investment Board boosted its holdings in Avis Budget Group by 266.9% in the second quarter. Canada Pension Plan Investment Board now owns 63,100 shares of the business services provider’s stock worth $6,595,000 after purchasing an additional 45,900 shares during the period. Finally, Algert Global LLC boosted its holdings in Avis Budget Group by 123.8% in the third quarter. Algert Global LLC now owns 22,745 shares of the business services provider’s stock worth $1,992,000 after purchasing an additional 12,580 shares during the period. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CAR shares. The Goldman Sachs Group reduced their price target on shares of 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. Northcoast Research cut shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a report on Monday, November 18th. JPMorgan Chase & Co. cut their target price on Avis Budget Group from $175.00 to $150.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Barclays assumed coverage on 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. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Avis Budget Group from $145.00 to $143.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $133.13.

Avis Budget Group Price Performance

NASDAQ CAR opened at $109.07 on Friday. The firm has a market cap of $3.83 billion, a P/E ratio of 9.96 and a beta of 2.14. The stock’s 50-day moving average is $91.02 and its two-hundred day moving average is $95.67. Avis Budget Group, Inc. has a fifty-two week low of $65.73 and a fifty-two week high of $204.77.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Thursday, October 31st. The business services provider reported $6.65 EPS for the quarter, missing the consensus estimate of $8.55 by ($1.90). Avis Budget Group had a net margin of 3.34% and a negative return on equity of 101.41%. The company had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.53 billion. During the same quarter last year, the business earned $16.78 EPS. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities analysts expect that Avis Budget Group, Inc. will post 3.59 EPS for the current 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.