SHANDA ASSET MANAGEMENT HOLDINGS Ltd boosted its position in Avis Budget Group Inc. (NASDAQ:CAR) by 341.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 529,957 shares of the business services provider’s stock after buying an additional 409,957 shares during the quarter. Avis Budget Group makes up about 2.2% of SHANDA ASSET MANAGEMENT HOLDINGS Ltd’s investment portfolio, making the stock its 7th biggest holding. SHANDA ASSET MANAGEMENT HOLDINGS Ltd owned approximately 0.69% of Avis Budget Group worth $11,913,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the stock. Loeb Partners Corp acquired a new position in Avis Budget Group in the fourth quarter valued at approximately $32,000. Pearl River Capital LLC acquired a new position in Avis Budget Group in the fourth quarter valued at approximately $34,000. Oppenheimer Asset Management Inc. acquired a new position in Avis Budget Group in the fourth quarter valued at approximately $59,000. Tower Research Capital LLC TRC boosted its stake in Avis Budget Group by 2,182.1% in the third quarter. Tower Research Capital LLC TRC now owns 6,390 shares of the business services provider’s stock valued at $205,000 after acquiring an additional 6,110 shares during the period. Finally, Cerebellum GP LLC boosted its stake in Avis Budget Group by 7,427.9% in the fourth quarter. Cerebellum GP LLC now owns 9,711 shares of the business services provider’s stock valued at $218,000 after acquiring an additional 9,582 shares during the period. 99.35% of the stock is owned by hedge funds and other institutional investors.
CAR has been the subject of several analyst reports. Goldman Sachs Group upgraded Avis Budget Group from a “sell” rating to a “buy” rating and boosted their price objective for the stock from $30.00 to $35.00 in a research report on Monday, February 11th. BidaskClub downgraded Avis Budget Group from a “buy” rating to a “hold” rating in a research report on Wednesday, December 12th. Zacks Investment Research downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Tuesday, January 8th. ValuEngine upgraded Avis Budget Group from a “strong sell” rating to a “sell” rating in a research report on Friday, February 22nd. Finally, Deutsche Bank reiterated a “buy” rating and set a $48.00 price objective on shares of Avis Budget Group in a research report on Monday, February 25th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $39.50.
Shares of NASDAQ CAR traded up $0.05 during midday trading on Tuesday, hitting $35.22. 8,573 shares of the company’s stock were exchanged, compared to its average volume of 3,125,693. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 33.24. The company has a market cap of $2.66 billion, a PE ratio of 9.62 and a beta of 1.95. Avis Budget Group Inc. has a twelve month low of $21.63 and a twelve month high of $50.88.
Avis Budget Group (NASDAQ:CAR) last released its earnings results on Wednesday, February 20th. The business services provider reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.22. The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.05 billion. Avis Budget Group had a return on equity of 66.29% and a net margin of 1.81%. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.45 earnings per share. Sell-side analysts forecast that Avis Budget Group Inc. will post 3.88 earnings per share for the current fiscal year.
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Avis Budget Group Profile
Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,450 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of approximately 925 dealer-operated and 450 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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