7,463 Shares in Avis Budget Group, Inc. $CAR Purchased by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC bought a new position in Avis Budget Group, Inc. (NASDAQ:CAR) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 7,463 shares of the business services provider’s stock, valued at approximately $796,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Parallel Advisors LLC boosted its holdings in shares of Avis Budget Group by 11.6% in the first quarter. Parallel Advisors LLC now owns 587 shares of the business services provider’s stock valued at $86,000 after purchasing an additional 61 shares during the period. State of Michigan Retirement System increased its holdings in Avis Budget Group by 2.5% during the 1st quarter. State of Michigan Retirement System now owns 4,073 shares of the business services provider’s stock worth $594,000 after purchasing an additional 100 shares during the period. Oregon Public Employees Retirement Fund raised its position in Avis Budget Group by 3.0% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 3,474 shares of the business services provider’s stock valued at $507,000 after purchasing an additional 100 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Avis Budget Group by 11.0% in the 3rd quarter. GAMMA Investing LLC now owns 1,140 shares of the business services provider’s stock worth $122,000 after buying an additional 113 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Avis Budget Group by 1,845.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock worth $27,000 after buying an additional 203 shares in the last quarter. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Stock Performance

CAR stock opened at $102.83 on Friday. Avis Budget Group, Inc. has a one year low of $85.96 and a one year high of $847.70. The firm has a market cap of $3.63 billion, a price-to-earnings ratio of -5.66 and a beta of 2.12. The firm has a 50-day simple moving average of $124.39 and a two-hundred day simple moving average of $172.52.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Tuesday, July 28th. The business services provider reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($1.07). The firm had revenue of $3 billion for the quarter, compared to analysts’ expectations of $3.10 billion. The firm’s revenue was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.10 earnings per share. As a group, equities analysts predict that Avis Budget Group, Inc. will post 1.08 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. cut their price target on Avis Budget Group from $145.00 to $105.00 and set an “underweight” rating on the stock in a research note on Thursday, October 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avis Budget Group in a report on Monday, August 17th. Wall Street Zen cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. The Goldman Sachs Group raised their target price on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a “sell” rating in a research report on Friday, July 24th. Finally, Morgan Stanley reduced their price target on shares of Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating for the company in a report on Friday, September 11th. Six investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Avis Budget Group presently has a consensus rating of “Reduce” and a consensus target price of $125.71.

Avis Budget Group Company Profile

Avis Budget Group, Inc is a global provider of vehicle rental and mobility services. The company operates through a portfolio of brands that includes Avis, Budget, Payless and Zipcar, offering cars, vans and other vehicles to leisure and business customers.

Avis and Budget provide short-term vehicle rentals through airport and neighborhood locations, while Payless focuses on value-oriented rental services. Zipcar operates a car-sharing network that allows members to reserve vehicles by the hour or day.