Assenagon Asset Management S.A. Sells 256,775 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Assenagon Asset Management S.A. decreased its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 67.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 123,030 shares of the business services provider’s stock after selling 256,775 shares during the period. Assenagon Asset Management S.A.’s holdings in Avis Budget Group were worth $9,338,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CAR. Aster Capital Management DIFC Ltd bought a new position in Avis Budget Group during the 4th quarter worth $25,000. UMB Bank n.a. increased its position in Avis Budget Group by 106.9% during the 1st quarter. UMB Bank n.a. now owns 478 shares of the business services provider’s stock worth $36,000 after buying an additional 247 shares during the period. Quadrant Capital Group LLC increased its position in Avis Budget Group by 41.0% during the 4th quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider’s stock worth $55,000 after buying an additional 198 shares during the period. Sterling Capital Management LLC increased its position in Avis Budget Group by 41.3% during the 4th quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider’s stock worth $59,000 after buying an additional 215 shares during the period. Finally, Signaturefd LLC increased its position in Avis Budget Group by 31.8% during the 4th quarter. Signaturefd LLC now owns 936 shares of the business services provider’s stock worth $75,000 after buying an additional 226 shares during the period. Institutional investors own 96.35% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on CAR shares. The Goldman Sachs Group decreased their price target on Avis Budget Group from $100.00 to $87.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. JPMorgan Chase & Co. raised their price target on Avis Budget Group from $145.00 to $155.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. Finally, Wall Street Zen upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 3rd. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Avis Budget Group currently has a consensus rating of “Hold” and a consensus price target of $117.00.

Avis Budget Group Stock Down 2.6%

NASDAQ:CAR opened at $121.91 on Friday. The stock’s 50-day simple moving average is $101.15 and its 200 day simple moving average is $89.46. The firm has a market capitalization of $4.29 billion, a PE ratio of -2.35 and a beta of 2.11. Avis Budget Group, Inc. has a twelve month low of $54.03 and a twelve month high of $129.96.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share for the quarter, missing the consensus estimate of ($5.72) by ($8.63). The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.49 billion. Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period last year, the business earned ($3.21) earnings per share. On average, analysts anticipate that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.