SummerHaven Investment Management LLC Boosts Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

SummerHaven Investment Management LLC increased its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 2.1% during the 1st quarter, Holdings Channel reports. The institutional investor owned 7,623 shares of the business services provider’s stock after purchasing an additional 160 shares during the quarter. SummerHaven Investment Management LLC’s holdings in Avis Budget Group were worth $579,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CAR. Steadfast Capital Management LP purchased a new stake in Avis Budget Group in the 4th quarter valued at about $25,747,000. ING Groep NV boosted its stake in Avis Budget Group by 310.4% during the fourth quarter. ING Groep NV now owns 325,000 shares of the business services provider’s stock worth $26,198,000 after buying an additional 245,800 shares during the period. National Bank of Canada FI increased its position in shares of Avis Budget Group by 266.7% during the fourth quarter. National Bank of Canada FI now owns 330,000 shares of the business services provider’s stock valued at $26,601,000 after acquiring an additional 240,000 shares during the last quarter. Nomura Holdings Inc. increased its position in shares of Avis Budget Group by 93.2% during the fourth quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider’s stock valued at $39,537,000 after acquiring an additional 236,576 shares during the last quarter. Finally, Jefferies Financial Group Inc. raised its stake in shares of Avis Budget Group by 1,391.0% in the 4th quarter. Jefferies Financial Group Inc. now owns 253,200 shares of the business services provider’s stock valued at $20,410,000 after acquiring an additional 236,218 shares during the period. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Stock Performance

Shares of CAR stock opened at $125.21 on Friday. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $129.96. The company has a 50 day moving average price of $99.97 and a 200 day moving average price of $89.36. The stock has a market capitalization of $4.41 billion, a P/E ratio of -2.42 and a beta of 2.11.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Wednesday, May 7th. The business services provider reported ($14.35) EPS for the quarter, missing the consensus estimate of ($5.72) by ($8.63). Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.49 billion. During the same quarter last year, the firm earned ($3.21) EPS. The business’s revenue was down 4.7% on a year-over-year basis. On average, research analysts forecast that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Avis Budget Group from $145.00 to $155.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. Wall Street Zen upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 3rd. Finally, The Goldman Sachs Group dropped their price objective on Avis Budget Group from $100.00 to $87.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $117.00.

About Avis Budget Group

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.