Bayesian Capital Management LP Acquires Shares of 4,860 Avis Budget Group, Inc. (NASDAQ:CAR)

Bayesian Capital Management LP acquired a new stake in Avis Budget Group, Inc. (NASDAQ:CAR) during the first quarter, Holdings Channel.com reports. The institutional investor acquired 4,860 shares of the business services provider’s stock, valued at approximately $595,000.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Avis Budget Group during the 4th quarter worth approximately $30,234,000. Par Capital Management Inc. boosted its stake in shares of Avis Budget Group by 16.1% during the 4th quarter. Par Capital Management Inc. now owns 848,959 shares of the business services provider’s stock worth $150,486,000 after acquiring an additional 117,600 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Avis Budget Group by 47.8% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 327,275 shares of the business services provider’s stock worth $58,013,000 after acquiring an additional 105,867 shares in the last quarter. Natixis boosted its stake in shares of Avis Budget Group by 1,339.3% during the 1st quarter. Natixis now owns 101,242 shares of the business services provider’s stock worth $12,398,000 after acquiring an additional 94,208 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of Avis Budget Group during the 4th quarter worth approximately $12,317,000. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on CAR shares. Morgan Stanley decreased their price target on Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 10th. The Goldman Sachs Group cut their price objective on Avis Budget Group from $140.00 to $120.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Bank of America cut their price objective on Avis Budget Group from $170.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. StockNews.com downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Saturday, July 6th. Finally, Susquehanna cut their price objective on Avis Budget Group from $145.00 to $117.00 and set a “neutral” rating for the company in a research report on Tuesday, April 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $163.14.

Avis Budget Group Price Performance

CAR traded down $2.16 during trading on Tuesday, hitting $98.62. The company’s stock had a trading volume of 594,023 shares, compared to its average volume of 735,659. The firm’s 50 day moving average price is $107.39 and its 200-day moving average price is $119.29. The stock has a market cap of $3.52 billion, a PE ratio of 3.05 and a beta of 2.21. Avis Budget Group, Inc. has a twelve month low of $93.53 and a twelve month high of $235.64.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Wednesday, May 1st. The business services provider reported ($3.21) earnings per share for the quarter, missing the consensus estimate of ($2.65) by ($0.56). The business had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.41 billion. Avis Budget Group had a net margin of 10.05% and a negative return on equity of 480.48%. The company’s revenue was down .2% on a year-over-year basis. During the same quarter last year, the firm posted $7.72 earnings per share. Equities analysts anticipate that Avis Budget Group, Inc. will post 12.4 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.