Assenagon Asset Management S.A. Acquires 113,278 Shares of Avis Budget Group, Inc. $CAR

Key Points

• Assenagon Asset Management S.A. increased its holdings in Avis Budget Group by 92.1% during the 2nd quarter, now owning approximately 0.67% of the company's stock valued at $39.9 million.
• Avis Budget Group's stock has faced hardships, with a loss of $1.92 per share reported for the last quarter, missing analyst expectations, and a negative return on equity of 14.74%.
• The average analyst rating for Avis Budget Group is currently at "Reduce", with a consensus target price of $143.80 amidst varied ratings from research firms.

Assenagon Asset Management S.A. increased its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 92.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 236,308 shares of the business services provider's stock after purchasing an additional 113,278 shares during the quarter. Assenagon Asset Management S.A. owned about 0.67% of Avis Budget Group worth $39,948,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Crossmark Global Holdings Inc. acquired a new position in Avis Budget Group in the first quarter valued at approximately $274,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Avis Budget Group by 9.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,840 shares of the business services provider's stock worth $443,000 after acquiring an additional 519 shares during the period. Victory Capital Management Inc. grew its position in shares of Avis Budget Group by 166.0% in the 1st quarter. Victory Capital Management Inc. now owns 29,527 shares of the business services provider's stock valued at $2,241,000 after acquiring an additional 18,425 shares during the period. Russell Investments Group Ltd. grew its position in shares of Avis Budget Group by 2,228.9% in the 1st quarter. Russell Investments Group Ltd. now owns 1,770 shares of the business services provider's stock valued at $134,000 after acquiring an additional 1,694 shares during the period. Finally, Envestnet Portfolio Solutions Inc. bought a new position in shares of Avis Budget Group in the 1st quarter valued at about $221,000. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Price Performance

Shares of CAR traded up $0.07 during trading hours on Monday, hitting $157.73. 688,600 shares of the stock were exchanged, compared to its average volume of 723,469. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $212.81. The business has a 50-day moving average of $166.63 and a 200-day moving average of $128.15. The firm has a market capitalization of $5.55 billion, a P/E ratio of -2.49 and a beta of 2.12.

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 for the quarter, missing the consensus estimate of $2.02 by ($1.92). Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%.The firm had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.02 billion. During the same quarter last year, the company earned $0.41 earnings per share. The company's quarterly revenue was down .3% compared to the same quarter last year. As a group, analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CAR. Bank of America reaffirmed an "underperform" rating and set a $113.00 target price (down previously from $120.00) on shares of Avis Budget Group in a report on Wednesday, August 20th. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $155.00 price objective on shares of Avis Budget Group in a research note on Thursday, July 31st. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $196.00 price objective (up from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. Barclays lifted their price objective on shares of Avis Budget Group from $105.00 to $150.00 and gave the company an "equal weight" rating in a research note on Monday, August 4th. Finally, Zacks Research upgraded shares of Avis Budget Group from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 21st. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $143.80.

About Avis Budget Group

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.