Centiva Capital LP Increases Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Centiva Capital LP increased its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 101.1% in the third quarter, HoldingsChannel.com reports. The firm owned 20,025 shares of the business services provider’s stock after acquiring an additional 10,068 shares during the quarter. Centiva Capital LP’s holdings in Avis Budget Group were worth $1,754,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CAR. International Assets Investment Management LLC increased its holdings in shares of Avis Budget Group by 19,203.5% in the 3rd quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider’s stock valued at $421,350,000 after acquiring an additional 478,552 shares during the last quarter. Rubric Capital Management LP increased its stake in Avis Budget Group by 220.9% in the second quarter. Rubric Capital Management LP now owns 690,273 shares of the business services provider’s stock valued at $72,147,000 after purchasing an additional 475,181 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Avis Budget Group during the second quarter worth approximately $19,978,000. FMR LLC boosted its holdings in shares of Avis Budget Group by 4.0% in the 3rd quarter. FMR LLC now owns 3,354,546 shares of the business services provider’s stock valued at $293,825,000 after buying an additional 129,805 shares in the last quarter. Finally, Toronto Dominion Bank purchased a new position in shares of Avis Budget Group in the 2nd quarter valued at $10,452,000. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on CAR. The Goldman Sachs Group decreased their price objective on shares of Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Friday, October 11th. Deutsche Bank Aktiengesellschaft reduced their price objective on 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. Northcoast Research cut shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a report on Monday, November 18th. Barclays started coverage on shares of Avis Budget Group in a research note on Thursday, September 19th. They set an “equal weight” rating and a $105.00 price target for the company. Finally, Susquehanna reduced their target price on shares of Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Avis Budget Group has a consensus rating of “Hold” and an average target price of $133.13.

Avis Budget Group Stock Down 2.9 %

Shares of Avis Budget Group stock opened at $102.89 on Wednesday. The company’s 50-day simple moving average is $91.73 and its 200-day simple moving average is $95.04. Avis Budget Group, Inc. has a 52-week low of $65.73 and a 52-week high of $204.77. The firm has a market cap of $3.62 billion, a price-to-earnings ratio of 9.40 and a beta of 2.20.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Thursday, October 31st. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.55 by ($1.90). The company had revenue of $3.48 billion during the quarter, compared to analysts’ expectations of $3.53 billion. Avis Budget Group had a net margin of 3.34% and a negative return on equity of 101.41%. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $16.78 EPS. Equities research analysts anticipate that Avis Budget Group, Inc. will post 3.59 EPS 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.