SummerHaven Investment Management LLC grew its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR – Free Report) by 4.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 3,223 shares of the business services provider’s stock after purchasing an additional 138 shares during the quarter. SummerHaven Investment Management LLC’s holdings in Avis Budget Group were worth $337,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Massachusetts Financial Services Co. MA boosted its stake in shares of Avis Budget Group by 47.8% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 327,275 shares of the business services provider’s stock worth $58,013,000 after acquiring an additional 105,867 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Avis Budget Group in the 2nd quarter worth approximately $19,978,000. Russell Investments Group Ltd. grew its position in Avis Budget Group by 70,663.6% during the 1st quarter. Russell Investments Group Ltd. now owns 7,784 shares of the business services provider’s stock worth $954,000 after purchasing an additional 7,773 shares in the last quarter. Capstone Investment Advisors LLC purchased a new position in Avis Budget Group during the 1st quarter worth approximately $1,069,000. Finally, Gabelli Funds LLC purchased a new stake in shares of Avis Budget Group in the first quarter valued at $1,898,000. Institutional investors own 96.35% of the company’s stock.
Avis Budget Group Stock Up 4.4 %
Avis Budget Group stock traded up $3.75 during mid-day trading on Friday, reaching $88.64. The company had a trading volume of 145,213 shares, compared to its average volume of 727,752. The company has a 50 day moving average of $99.51 and a 200-day moving average of $110.26. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of 2.68 and a beta of 2.21. Avis Budget Group, Inc. has a 52 week low of $79.03 and a 52 week high of $231.93.
Analysts Set New Price Targets
A number of brokerages recently commented on CAR. Bank of America lowered their price objective on shares of Avis Budget Group from $170.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. StockNews.com downgraded shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Susquehanna dropped their target price on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. The Goldman Sachs Group reduced their target price on shares of Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. cut their price target on shares of Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Avis Budget Group presently has an average rating of “Moderate Buy” and an average target price of $148.57.
Check Out Our Latest Analysis on Avis Budget Group
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.
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