13,396 Shares in Avis Budget Group, Inc. (NASDAQ:CAR) Purchased by Lecap Asset Management Ltd.

Lecap Asset Management Ltd. bought a new stake in Avis Budget Group, Inc. (NASDAQ:CAR) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 13,396 shares of the business services provider’s stock, valued at approximately $1,400,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of CAR. Assenagon Asset Management S.A. purchased a new stake in shares of Avis Budget Group during the 2nd quarter worth $19,978,000. Norges Bank purchased a new stake in Avis Budget Group during the fourth quarter worth approximately $30,234,000. Par Capital Management Inc. boosted its holdings in Avis Budget Group by 16.1% in the fourth quarter. Par Capital Management Inc. now owns 848,959 shares of the business services provider’s stock valued at $150,486,000 after purchasing an additional 117,600 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Avis Budget Group by 47.8% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 327,275 shares of the business services provider’s stock valued at $58,013,000 after purchasing an additional 105,867 shares during the last quarter. Finally, Natixis lifted its position 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 buying an additional 94,208 shares during the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CAR. JPMorgan Chase & Co. decreased their price objective on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. The Goldman Sachs Group lowered their price objective on shares of Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Bank of America reduced their target price on shares of Avis Budget Group from $170.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. StockNews.com lowered Avis Budget Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Finally, Susquehanna reduced their price objective 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. One research 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $148.57.

Avis Budget Group Stock Performance

CAR traded up $2.26 during trading on Wednesday, reaching $91.24. The company’s stock had a trading volume of 278,744 shares, compared to its average volume of 733,336. The company’s fifty day moving average price is $99.98 and its 200-day moving average price is $110.44. Avis Budget Group, Inc. has a 52-week low of $79.03 and a 52-week high of $233.10. The company has a market capitalization of $3.25 billion, a price-to-earnings ratio of 2.88 and a beta of 2.21.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Monday, August 5th. The business services provider reported $0.41 earnings per share 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 analyst estimates of $3.13 billion. Avis Budget Group had a negative return on equity of 480.48% and a net margin of 10.05%. The business’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $11.01 EPS. Equities analysts predict that Avis Budget Group, Inc. will post 12.28 earnings per share for the current year.

Avis Budget Group 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.