Bayforest Capital Ltd Increases Stake in Avis Budget Group, Inc. (NASDAQ:CAR)

Bayforest Capital Ltd raised its stake in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 193.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,028 shares of the business services provider's stock after acquiring an additional 5,949 shares during the quarter. Bayforest Capital Ltd's holdings in Avis Budget Group were worth $685,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CAR. Steadfast Capital Management LP bought a new position in Avis Budget Group in the 4th quarter valued at approximately $25,747,000. National Bank of Canada FI raised its stake in shares of Avis Budget Group by 266.7% during the fourth quarter. National Bank of Canada FI now owns 330,000 shares of the business services provider's stock valued at $26,601,000 after acquiring an additional 240,000 shares during the last quarter. Nomura Holdings Inc. lifted its holdings in shares of Avis Budget Group by 93.2% during the fourth quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider's stock worth $39,537,000 after purchasing an additional 236,576 shares during the period. Jefferies Financial Group Inc. grew 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 purchasing an additional 236,218 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Avis Budget Group in the fourth quarter worth $11,234,000. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Avis Budget Group Stock Performance

CAR traded down $6.17 during mid-day trading on Friday, reaching $164.07. 1,787,688 shares of the stock were exchanged, compared to its average volume of 1,115,597. The stock has a market capitalization of $5.77 billion, a PE ratio of -2.59 and a beta of 2.19. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $212.81. The company has a 50 day moving average price of $159.33 and a two-hundred day moving average price of $109.84.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on CAR shares. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $196.00 target price (up from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. JPMorgan Chase & Co. restated a "neutral" rating and set a $155.00 price target on shares of Avis Budget Group in a report on Thursday. Wall Street Zen raised shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 3rd. Finally, The Goldman Sachs Group cut shares of Avis Budget Group from a "neutral" rating to a "sell" rating and increased their price objective for the stock from $87.00 to $105.00 in a research report on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $131.20.

Avis Budget Group 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.