Assenagon Asset Management S.A. Has $13.87 Million Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Assenagon Asset Management S.A. decreased its stake in Avis Budget Group, Inc. (NASDAQ:CAR) by 17.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 158,349 shares of the business services provider’s stock after selling 32,793 shares during the period. Assenagon Asset Management S.A.’s holdings in Avis Budget Group were worth $13,870,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. International Assets Investment Management LLC grew its position in shares of Avis Budget Group by 19,203.5% during the 3rd quarter. International Assets Investment Management LLC now owns 481,044 shares of the business services provider’s stock worth $421,350,000 after buying an additional 478,552 shares during the period. Lecap Asset Management Ltd. increased its holdings in shares of Avis Budget Group by 40.8% during the third quarter. Lecap Asset Management Ltd. now owns 18,862 shares of the business services provider’s stock valued at $1,652,000 after acquiring an additional 5,466 shares in the last quarter. Dupree Financial Group LLC acquired a new position in shares of Avis Budget Group during the third quarter worth approximately $2,611,000. Carolina Wealth Advisors LLC lifted its holdings in shares of Avis Budget Group by 184.5% in the 3rd quarter. Carolina Wealth Advisors LLC now owns 1,118 shares of the business services provider’s stock worth $98,000 after purchasing an additional 725 shares in the last quarter. Finally, nVerses Capital LLC grew its position in Avis Budget Group by 2,800.0% in the 3rd quarter. nVerses Capital LLC now owns 2,900 shares of the business services provider’s stock valued at $254,000 after purchasing an additional 2,800 shares during the period. 96.35% of the stock is currently owned by institutional investors.

Avis Budget Group Stock Down 1.4 %

Shares of NASDAQ:CAR opened at $82.36 on Friday. The firm has a market capitalization of $2.94 billion, a PE ratio of 2.60 and a beta of 2.13. The company has a 50-day moving average price of $82.15 and a two-hundred day moving average price of $97.68. Avis Budget Group, Inc. has a twelve month low of $65.73 and a twelve month high of $204.77.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Monday, August 5th. The business services provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $2.60 by ($2.19). The firm had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.13 billion. Avis Budget Group had a net margin of 6.58% and a negative return on equity of 230.71%. Avis Budget Group’s revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $11.01 earnings per share. Analysts anticipate that Avis Budget Group, Inc. will post 7.68 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on CAR shares. JPMorgan Chase & Co. dropped their price objective on shares of Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Susquehanna cut their price target on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft lowered their price objective on Avis Budget Group from $155.00 to $146.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Barclays started coverage on shares of Avis Budget Group in a report on Thursday, September 19th. They set an “equal weight” rating and a $105.00 price objective on the stock. Finally, StockNews.com downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $136.63.

Avis Budget Group Company Profile

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.