Jump Financial LLC Purchases New Position in Avis Budget Group, Inc. $CAR

Key Points

• Jump Financial LLC has acquired a new position in Avis Budget Group, purchasing 137,211 shares valued at approximately $10.4 million, representing about 0.39% of the company.
• Avis Budget Group reported earnings of $0.10 per share for the last quarter, significantly missing the consensus estimate of $2.02, while revenue was slightly up at $3.04 billion year-over-year.
• Analysts have mixed opinions on Avis Budget Group, with Deutsche Bank upgrading its price target to $196.00, while others maintain lower targets, reflecting uncertainty in the company's outlook.

Jump Financial LLC bought a new position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 137,211 shares of the business services provider's stock, valued at approximately $10,414,000. Jump Financial LLC owned about 0.39% of Avis Budget Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of CAR. Steadfast Capital Management LP purchased a new position in Avis Budget Group in the fourth quarter valued at approximately $25,747,000. Mizuho Markets Americas LLC bought a new stake in shares of Avis Budget Group in the first quarter worth $18,975,000. Nomura Holdings Inc. increased its stake in shares of Avis Budget Group by 93.2% in the fourth quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider's stock worth $39,537,000 after buying an additional 236,576 shares during the last quarter. Jefferies Financial Group Inc. increased its stake in shares of Avis Budget Group by 1,391.0% in the fourth quarter. Jefferies Financial Group Inc. now owns 253,200 shares of the business services provider's stock worth $20,410,000 after buying an additional 236,218 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Avis Budget Group by 281.1% in the first quarter. SG Americas Securities LLC now owns 123,176 shares of the business services provider's stock worth $9,349,000 after buying an additional 90,851 shares during the last quarter. 96.35% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Bank of America restated an "underperform" rating and issued a $113.00 price target (down previously from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $196.00 price objective (up previously from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. Barclays increased their price target on Avis Budget Group from $105.00 to $150.00 and gave the stock an "equal weight" rating in a research report on Monday, August 4th. Wall Street Zen raised shares of Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. Finally, The Goldman Sachs Group reiterated a "sell" rating and issued a $105.00 price target (up from $87.00) on shares of Avis Budget Group in a research report on Friday, August 1st. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and an average price target of $143.80.

Insider Transactions at Avis Budget Group

In other news, EVP Edward P. Linnen sold 10,000 shares of the company's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $156.83, for a total value of $1,568,300.00. Following the transaction, the executive vice president owned 40,915 shares in the company, valued at $6,416,699.45. This represents a 19.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Bernardo Hees sold 402,200 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $156.59, for a total value of $62,980,498.00. Following the completion of the transaction, the director owned 116,521 shares in the company, valued at $18,246,023.39. This represents a 77.54% decrease in their position. The disclosure for this sale can be found here. 52.80% of the stock is owned by corporate insiders.

Avis Budget Group Price Performance

NASDAQ CAR traded up $1.59 on Thursday, hitting $158.54. 494,809 shares of the company were exchanged, compared to its average volume of 1,281,964. The company's 50 day moving average price is $172.31 and its 200-day moving average price is $118.57. The firm has a market capitalization of $5.58 billion, a P/E ratio of -2.51 and a beta of 2.19. Avis Budget Group, Inc. has a twelve month low of $54.03 and a twelve month high of $212.81.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The business services provider reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.02 by ($1.92). The company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.02 billion. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%.Avis Budget Group's quarterly revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 EPS. As a group, equities analysts expect that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Avis Budget Group Company Profile

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.