Assenagon Asset Management S.A. Sells 256,775 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Assenagon Asset Management S.A. reduced its position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 67.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 123,030 shares of the business services provider's stock after selling 256,775 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.35% of Avis Budget Group worth $9,338,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. SG Americas Securities LLC lifted its position in 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 purchasing an additional 90,851 shares during the period. First Citizens Bank & Trust Co. bought a new position in Avis Budget Group in the first quarter worth $246,000. UMB Bank n.a. lifted its position in Avis Budget Group by 106.9% in the first quarter. UMB Bank n.a. now owns 478 shares of the business services provider's stock worth $36,000 after purchasing an additional 247 shares during the period. Rhumbline Advisers lifted its holdings in shares of Avis Budget Group by 8.9% during the first quarter. Rhumbline Advisers now owns 53,842 shares of the business services provider's stock valued at $4,087,000 after acquiring an additional 4,382 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Avis Budget Group by 9,967.4% during the first quarter. GAMMA Investing LLC now owns 33,927 shares of the business services provider's stock valued at $2,575,000 after acquiring an additional 33,590 shares during the period. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Price Performance

Shares of NASDAQ:CAR traded down $3.30 during midday trading on Friday, reaching $121.91. The company's stock had a trading volume of 963,590 shares, compared to its average volume of 928,922. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $129.96. The company has a market capitalization of $4.29 billion, a P/E ratio of -2.35 and a beta of 2.11. The business's fifty day simple moving average is $101.15 and its 200-day simple moving average is $89.46.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its earnings results on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share for the quarter, missing analysts' consensus estimates of ($5.72) by ($8.63). Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.49 billion. During the same quarter last year, the business posted ($3.21) earnings per share. The business's quarterly revenue was down 4.7% compared to the same quarter last year. On average, analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CAR shares. The Goldman Sachs Group cut their price objective on Avis Budget Group from $100.00 to $87.00 and set a "neutral" rating for the company in a report on Friday, May 9th. JPMorgan Chase & Co. lifted their price objective on Avis Budget Group from $145.00 to $155.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Finally, Wall Street Zen raised Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $117.00.

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.