JAT Capital Mgmt LP Takes Position in Avis Budget Group, Inc. $CAR

JAT Capital Mgmt LP acquired a new position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 4,635 shares of the business services provider’s stock, valued at approximately $784,000. Avis Budget Group accounts for about 2.6% of JAT Capital Mgmt LP’s holdings, making the stock its 6th largest position.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CAR. Vanguard Group Inc. raised its stake in Avis Budget Group by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 1,610,186 shares of the business services provider’s stock valued at $122,213,000 after acquiring an additional 46,038 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Avis Budget Group by 6.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 217,262 shares of the business services provider’s stock valued at $16,490,000 after acquiring an additional 13,988 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Avis Budget Group by 12.1% during the 1st quarter. Invesco Ltd. now owns 166,978 shares of the business services provider’s stock worth $12,674,000 after acquiring an additional 18,006 shares in the last quarter. Nuveen LLC acquired a new stake in Avis Budget Group during the 1st quarter worth about $2,838,000. Finally, Russell Investments Group Ltd. raised its stake in Avis Budget Group by 2,228.9% during the 1st quarter. Russell Investments Group Ltd. now owns 1,770 shares of the business services provider’s stock valued at $134,000 after purchasing an additional 1,694 shares during the period. 96.35% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on CAR. Bank of America reaffirmed an “underperform” rating and issued a $113.00 target price (down previously from $120.00) on shares of Avis Budget Group in a research report on Wednesday, August 20th. Barclays decreased their price objective on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company in a research report on Monday, November 3rd. JPMorgan Chase & Co. upped their target price on Avis Budget Group from $155.00 to $157.00 and gave the company a “neutral” rating in a report on Monday, October 20th. Weiss Ratings reissued a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $137.57.

Avis Budget Group Price Performance

Shares of Avis Budget Group stock opened at $134.89 on Friday. The firm has a market cap of $4.75 billion, a price-to-earnings ratio of -2.26 and a beta of 2.29. The stock has a 50-day simple moving average of $140.90 and a 200-day simple moving average of $152.59. Avis Budget Group, Inc. has a 52-week low of $54.03 and a 52-week high of $212.81.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Monday, October 27th. The business services provider reported $10.11 EPS for the quarter, topping analysts’ consensus estimates of $8.11 by $2.00. The firm had revenue of $3.52 billion during the quarter, compared to analyst estimates of $3.47 billion. The company’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $6.65 EPS. As a group, equities research analysts predict that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Avis Budget Group Company Profile

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.