SummerHaven Investment Management LLC Purchases New Holdings in Avis Budget Group, Inc. $CAR

SummerHaven Investment Management LLC acquired a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 7,463 shares of the business services provider’s stock, valued at approximately $796,000.

Several other institutional investors have also recently made changes to their positions in CAR. Caitong International Asset Management Co. Ltd raised its holdings in shares of Avis Budget Group by 1,845.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock worth $27,000 after purchasing an additional 203 shares during the last quarter. Hollencrest Capital Management acquired a new stake in Avis Budget Group during the 1st quarter worth about $44,000. Allworth Financial LP purchased a new position in shares of Avis Budget Group during the 2nd quarter valued at about $77,000. Nykredit A S acquired a new position in shares of Avis Budget Group in the 2nd quarter valued at about $80,000. Finally, Blue Trust Inc. lifted its holdings in shares of Avis Budget Group by 3,914.3% in the 1st quarter. Blue Trust Inc. now owns 562 shares of the business services provider’s stock valued at $82,000 after buying an additional 548 shares during the period. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Avis Budget Group in a research note on Monday, August 17th. The Goldman Sachs Group upped their price objective on Avis Budget Group from $85.00 to $95.00 and gave the stock a “sell” rating in a research report on Friday, July 24th. Morgan Stanley decreased their target price on shares of Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating for the company in a research note on Friday, September 11th. JPMorgan Chase & Co. lowered their price target on shares of Avis Budget Group from $145.00 to $105.00 and set an “underweight” rating on the stock in a report on Thursday, October 8th. Finally, Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 1st. Six investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Avis Budget Group currently has an average rating of “Reduce” and an average price target of $125.71.

Avis Budget Group Trading Down 6.3%

NASDAQ CAR opened at $102.83 on Friday. The stock has a market capitalization of $3.63 billion, a price-to-earnings ratio of -5.66 and a beta of 2.12. Avis Budget Group, Inc. has a twelve month low of $85.96 and a twelve month high of $847.70. The stock has a 50-day moving average of $124.39 and a 200 day moving average of $172.52.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Tuesday, July 28th. The business services provider reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($1.07). The business had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.10 billion. During the same quarter in the prior year, the company earned $0.10 EPS. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. Equities analysts predict that Avis Budget Group, Inc. will post 1.08 EPS for the current fiscal year.

About Avis Budget Group

Avis Budget Group, Inc is a global provider of vehicle rental and mobility services. The company operates through a portfolio of brands that includes Avis, Budget, Payless and Zipcar, offering cars, vans and other vehicles to leisure and business customers.

Avis and Budget provide short-term vehicle rentals through airport and neighborhood locations, while Payless focuses on value-oriented rental services. Zipcar operates a car-sharing network that allows members to reserve vehicles by the hour or day.